Novanta Inc. (NASDAQ:NOVT) Shares Purchased by Blair William & Co. IL

Blair William & Co. IL lifted its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 2.4% in the fourth quarter, HoldingsChannel reports. The firm owned 448,434 shares of the technology company’s stock after acquiring an additional 10,459 shares during the period. Blair William & Co. IL’s holdings in Novanta were worth $68,507,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Novanta by 1.5% during the 4th 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 in the last quarter. State Street Corp grew its holdings in shares of Novanta by 2.0% during the third 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 raised its position in shares of Novanta by 1.2% in the fourth quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company’s stock valued at $149,079,000 after buying an additional 11,361 shares during the last quarter. Geneva Capital Management LLC raised its position in shares of 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 during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Novanta by 8.0% during 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 buying an additional 58,631 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Novanta Stock Performance

Novanta stock opened at $135.19 on Thursday. The stock has a fifty day moving average price of $143.63 and a 200 day moving average price of $159.11. Novanta Inc. has a 52 week low of $131.03 and a 52 week high of $187.12. The firm has a market capitalization of $4.86 billion, a P/E ratio of 80.95 and a beta of 1.34. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61.

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

About Novanta

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.