Essex Investment Management Co. LLC lessened its position in shares of Novanta Inc (NASDAQ:NOVT) by 6.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,681 shares of the technology company’s stock after selling 4,188 shares during the quarter. Essex Investment Management Co. LLC owned about 0.18% of Novanta worth $3,949,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOVT. Vanguard Group Inc grew its holdings in Novanta by 36.3% during the 3rd quarter. Vanguard Group Inc now owns 2,951,177 shares of the technology company’s stock valued at $201,861,000 after buying an additional 785,554 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Novanta by 36.3% in the 3rd quarter. Vanguard Group Inc. now owns 2,951,177 shares of the technology company’s stock worth $201,861,000 after purchasing an additional 785,554 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Novanta by 318.1% in the 3rd quarter. Alliancebernstein L.P. now owns 732,262 shares of the technology company’s stock worth $50,087,000 after purchasing an additional 557,119 shares during the period. Neuberger Berman Group LLC boosted its holdings in shares of Novanta by 29.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 1,762,519 shares of the technology company’s stock worth $120,556,000 after purchasing an additional 398,663 shares during the period. Finally, Conestoga Capital Advisors LLC boosted its holdings in shares of Novanta by 77.3% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 643,517 shares of the technology company’s stock worth $44,017,000 after purchasing an additional 280,597 shares during the period. Institutional investors and hedge funds own 83.12% of the company’s stock.
Shares of NOVT stock opened at $73.31 on Friday. Novanta Inc has a 52-week low of $49.60 and a 52-week high of $78.85. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.89 and a quick ratio of 1.97. The company has a market cap of $2.55 billion, a P/E ratio of 45.82 and a beta of 1.50.
NOVT has been the subject of a number of recent research reports. BidaskClub cut Novanta from a “buy” rating to a “hold” rating in a report on Friday, November 30th. Zacks Investment Research raised Novanta from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a research note on Wednesday, February 6th. Finally, ValuEngine raised Novanta from a “hold” rating to a “buy” rating in a research note on Wednesday, October 31st. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $68.00.
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Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
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