Zions Bancorporation N.A. Has $2.17 Million Position in Novanta Inc. (NASDAQ:NOVT)

Zions Bancorporation N.A. lifted its position in shares of Novanta Inc. (NASDAQ:NOVT) by 21.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,211 shares of the technology company’s stock after acquiring an additional 2,486 shares during the period. Zions Bancorporation N.A.’s holdings in Novanta were worth $2,171,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in NOVT. Vanguard Group Inc. lifted its stake in Novanta by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company’s stock worth $629,997,000 after purchasing an additional 62,585 shares during the last quarter. State Street Corp raised its holdings in shares of Novanta by 2.0% during the 3rd quarter. State Street Corp now owns 1,298,419 shares of the technology company’s stock worth $232,313,000 after buying an additional 24,929 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of Novanta by 1.2% during the 4th quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company’s stock worth $149,079,000 after buying an additional 11,361 shares during the last quarter. Geneva Capital Management LLC boosted its stake in Novanta by 9.3% in the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company’s stock valued at $130,257,000 after buying an additional 72,592 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Novanta by 8.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company’s stock valued at $119,757,000 after acquiring an additional 58,631 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Stock Performance

Shares of Novanta stock opened at $136.82 on Wednesday. The company’s 50 day moving average price is $143.90 and its two-hundred day moving average price is $159.28. The firm has a market capitalization of $4.92 billion, a P/E ratio of 81.93 and a beta of 1.34. Novanta Inc. has a fifty-two week low of $131.03 and a fifty-two week high of $187.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company had revenue of $238.10 million for the quarter, compared to the consensus estimate of $240.29 million. During the same quarter last year, the business posted $0.63 EPS. Novanta’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their target price on shares of Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a report on Monday, March 3rd.

Novanta Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.