Vanguard Group Inc. Has $523.33 Million Stock Position in Novanta Inc. (NASDAQ:NOVT)

Vanguard Group Inc. decreased its stake in Novanta Inc. (NASDAQ:NOVT) by 0.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,092,650 shares of the technology company’s stock after selling 31,178 shares during the period. Vanguard Group Inc. owned approximately 11.38% of Novanta worth $523,327,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Parallel Advisors LLC grew its stake in shares of Novanta by 1,426.7% in the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company’s stock worth $29,000 after acquiring an additional 214 shares during the last quarter. Johnson Financial Group Inc. boosted its stake in Novanta by 482.1% during the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock worth $49,000 after buying an additional 270 shares in the last quarter. GAMMA Investing LLC boosted its stake in Novanta by 146.0% during the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company’s stock worth $51,000 after buying an additional 238 shares in the last quarter. CWM LLC boosted its stake in Novanta by 329.8% during the first quarter. CWM LLC now owns 404 shares of the technology company’s stock worth $52,000 after buying an additional 310 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in Novanta by 80.0% during the first quarter. Signaturefd LLC now owns 414 shares of the technology company’s stock worth $53,000 after buying an additional 184 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on NOVT shares. Wall Street Zen downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research note on Monday. Robert W. Baird decreased their price target on shares of Novanta from $139.00 to $133.00 and set a “neutral” rating on the stock in a research note on Monday.

Novanta Stock Down 5.4%

NOVT opened at $118.17 on Friday. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $186.75. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. The firm’s fifty day moving average price is $124.99 and its two-hundred day moving average price is $128.38. The company has a market capitalization of $4.25 billion, a P/E ratio of 69.51 and a beta of 1.48.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The firm had revenue of $241.05 million for the quarter, compared to the consensus estimate of $237.97 million. During the same quarter in the previous year, the company earned $0.73 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. On average, analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Novanta Company Profile

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.