LPL Financial LLC Sells 2,625 Shares of Novanta Inc. $NOVT

LPL Financial LLC cut its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 12.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,912 shares of the technology company’s stock after selling 2,625 shares during the period. LPL Financial LLC owned approximately 0.05% of Novanta worth $2,418,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Parallel Advisors LLC increased its position in shares of Novanta by 1,426.7% during 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 in the last quarter. Johnson Financial Group Inc. increased its position in shares of 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 acquiring an additional 270 shares in the last quarter. GAMMA Investing LLC increased its position in shares of 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 acquiring an additional 238 shares in the last quarter. CWM LLC increased its position in shares of Novanta by 329.8% during the first quarter. CWM LLC now owns 404 shares of the technology company’s stock worth $52,000 after acquiring an additional 310 shares in the last quarter. Finally, Signaturefd LLC increased its position in shares of Novanta by 80.0% during the first quarter. Signaturefd LLC now owns 414 shares of the technology company’s stock worth $53,000 after acquiring an additional 184 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

Novanta Trading Up 4.6%

Shares of NOVT stock opened at $120.23 on Tuesday. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $186.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54. The company has a 50-day simple moving average of $124.57 and a two-hundred day simple moving average of $127.66. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of 70.72 and a beta of 1.48.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NOVT. Robert W. Baird reduced their price objective on shares of Novanta from $139.00 to $133.00 and set a “neutral” rating for the company in a research report on Monday, August 11th. Wall Street Zen downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research report on Monday, August 11th.

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.