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

Brown Advisory Inc. lessened its position in shares of Novanta Inc. (NASDAQ:NOVT) by 41.8% in the 1st quarter, according to its most recent filing with the Securities & 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of 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 during the period. Conestoga Capital Advisors LLC boosted its holdings in Novanta by 1.3% in the 1st quarter. Conestoga Capital Advisors LLC now owns 1,365,252 shares of the technology company’s stock worth $174,575,000 after acquiring an additional 17,220 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Novanta by 6.2% during the 4th quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company’s stock valued at $153,515,000 after buying an additional 58,864 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in shares of Novanta by 69.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company’s stock valued at $103,910,000 after buying an additional 279,793 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Novanta by 1.0% during the 4th quarter. JPMorgan Chase & Co. now owns 657,137 shares of the technology company’s stock valued at $100,391,000 after acquiring an additional 6,525 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Analysts Set New Price Targets

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

Novanta Price Performance

Shares of NASDAQ NOVT opened at $124.72 on Wednesday. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $187.12. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.56 and a quick ratio of 1.70. The business’s fifty day moving average price is $126.63 and its two-hundred day moving average price is $132.57. The firm has a market capitalization of $4.49 billion, a PE ratio of 63.63 and a beta of 1.45.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $233.34 million. During the same period last year, the company earned $0.74 earnings per share. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, research analysts expect that Novanta Inc. will post 3.03 EPS 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.