Novanta Inc. (NASDAQ:NOVT) Shares Sold by Brown Advisory Inc.

Brown Advisory Inc. decreased its position in Novanta Inc. (NASDAQ:NOVT) by 41.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,555 shares of the technology company’s stock after selling 1,835 shares during the quarter. Brown Advisory Inc.’s holdings in Novanta were worth $327,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. increased its position in Novanta by 0.9% during the 1st quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company’s stock worth $11,710,000 after purchasing an additional 797 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in Novanta during the 1st quarter worth approximately $818,000. GAMMA Investing LLC increased its position in Novanta by 146.0% during the 1st quarter. GAMMA Investing LLC now owns 401 shares of the technology company’s stock worth $51,000 after purchasing an additional 238 shares in the last quarter. Parallel Advisors LLC increased its position in Novanta by 1,426.7% during the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company’s stock worth $29,000 after purchasing an additional 214 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in Novanta in the 4th quarter worth approximately $3,681,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Price Performance

Shares of NOVT opened at $124.72 on Wednesday. The stock’s fifty day moving average is $126.63 and its 200-day moving average is $132.57. Novanta Inc. has a one year low of $98.76 and a one year high of $187.12. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 63.63 and a beta of 1.45. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.70 and a current ratio of 2.56.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.06. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The company had revenue of $233.37 million during the quarter, compared to the consensus estimate of $233.34 million. During the same period last year, the business earned $0.74 EPS. The business’s quarterly revenue was up 1.1% on a year-over-year basis. Equities analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Novanta from a “hold” rating to a “buy” rating in a research report on Friday, June 6th.

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.