Deutsche Bank AG Sells 2,930 Shares of Novanta Inc. $NOVT

Deutsche Bank AG lessened its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 8.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,910 shares of the technology company’s stock after selling 2,930 shares during the quarter. Deutsche Bank AG owned about 0.09% of Novanta worth $3,952,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State of Michigan Retirement System raised its stake in Novanta by 1.2% during the 1st quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company’s stock valued at $1,100,000 after purchasing an additional 100 shares during the period. Louisiana State Employees Retirement System raised its stake in Novanta by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company’s stock valued at $1,291,000 after purchasing an additional 100 shares during the period. State of Alaska Department of Revenue raised its stake in Novanta by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company’s stock valued at $537,000 after purchasing an additional 105 shares during the period. State of Wyoming raised its stake in Novanta by 4.4% during the 4th quarter. State of Wyoming now owns 2,536 shares of the technology company’s stock valued at $387,000 after purchasing an additional 106 shares during the period. Finally, Signaturefd LLC raised its stake in Novanta by 80.0% during the 1st quarter. Signaturefd LLC now owns 414 shares of the technology company’s stock valued at $53,000 after purchasing an additional 184 shares during the period. Institutional investors own 98.35% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Robert W. Baird decreased their target price on Novanta from $139.00 to $133.00 and set a “neutral” rating on the stock in a research note on Monday, August 11th. Wall Street Zen downgraded Novanta from a “buy” rating to a “hold” rating in a research note on Monday, August 11th.

Novanta Stock Performance

NASDAQ:NOVT opened at $120.23 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $186.75. The stock’s 50 day simple moving average is $124.57 and its two-hundred day simple moving average is $127.66. The company has a market cap of $4.32 billion, a price-to-earnings ratio of 70.72 and a beta of 1.48.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. Novanta had a return on equity of 14.70% and a net margin of 6.41%. The business 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 posted $0.73 EPS. The company’s revenue was up 2.2% compared to the same quarter last year. As a group, equities analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta 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.