Parallel Advisors LLC Acquires 214 Shares of Novanta Inc. (NASDAQ:NOVT)

Parallel Advisors LLC increased its position in shares of Novanta Inc. (NASDAQ:NOVT) by 1,426.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 229 shares of the technology company’s stock after buying an additional 214 shares during the period. Parallel Advisors LLC’s holdings in Novanta were worth $29,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC acquired a new stake in Novanta in the fourth quarter worth about $26,000. Entropy Technologies LP purchased a new stake in shares of Novanta in the fourth quarter valued at approximately $284,000. WCM Investment Management LLC purchased a new stake in shares of Novanta during the fourth quarter worth approximately $15,104,000. Allspring Global Investments Holdings LLC increased its position 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 worth $119,757,000 after purchasing an additional 58,631 shares in the last quarter. Finally, Values First Advisors Inc. boosted its stake in Novanta by 34.6% during the fourth quarter. Values First Advisors Inc. now owns 1,660 shares of the technology company’s stock worth $254,000 after buying an additional 427 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Novanta Stock Up 1.0%

NOVT opened at $128.70 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The business has a 50 day simple moving average of $119.77 and a 200-day simple moving average of $138.85. The stock has a market capitalization of $4.63 billion, a P/E ratio of 77.07 and a beta of 1.46. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $187.12.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.06. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company had revenue of $233.37 million for the quarter, compared to the consensus estimate of $233.34 million. During the same period in the previous year, the business earned $0.74 earnings per share. Novanta’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, equities analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NOVT has been the topic of several research reports. Wall Street Zen raised Novanta from a “hold” rating to a “buy” rating in a research note on Friday. Robert W. Baird dropped their price target on Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd.

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.