Balyasny Asset Management L.P. Buys New Holdings in Novanta Inc. (NASDAQ:NOVT)

Balyasny Asset Management L.P. bought a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,796 shares of the technology company's stock, valued at approximately $733,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Novanta by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company's stock worth $629,997,000 after buying an additional 62,585 shares in the last quarter. Alliancebernstein L.P. grew its position in Novanta by 6.2% during the fourth quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company's stock worth $153,515,000 after buying an additional 58,864 shares in the last quarter. William Blair Investment Management LLC grew its position in Novanta by 1.2% during the fourth quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company's stock worth $149,079,000 after buying an additional 11,361 shares in the last quarter. Geneva Capital Management LLC grew its position in Novanta by 9.3% during the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock worth $130,257,000 after buying an additional 72,592 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Novanta by 8.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company's stock worth $119,757,000 after buying an additional 58,631 shares in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Price Performance

Shares of NOVT traded up $1.58 during midday trading on Friday, reaching $131.17. The stock had a trading volume of 264,360 shares, compared to its average volume of 209,289. The company's 50-day moving average is $122.70 and its 200 day moving average is $144.34. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $187.12. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of 78.55 and a beta of 1.51.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.06. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm had revenue of $233.37 million during the quarter, compared to analysts' expectations of $233.34 million. During the same period in the prior year, the business earned $0.74 EPS. The company's revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Robert W. Baird reduced their target price on Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd.

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.