4,796 Shares in Novanta Inc. (NASDAQ:NOVT) Purchased by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. purchased a new stake 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 institutional investor purchased 4,796 shares of the technology company's stock, valued at approximately $733,000.

Several other institutional investors have also added to or reduced their stakes in the business. Ameriprise Financial Inc. boosted its position in Novanta by 9.9% during the fourth quarter. Ameriprise Financial Inc. now owns 457,225 shares of the technology company's stock valued at $69,850,000 after buying an additional 41,024 shares during the period. Northern Trust Corp boosted its position in Novanta by 14.0% during the fourth quarter. Northern Trust Corp now owns 487,688 shares of the technology company's stock valued at $74,504,000 after buying an additional 59,986 shares during the period. Johnson Financial Group Inc. boosted its position in Novanta by 482.1% during the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock valued at $49,000 after buying an additional 270 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in Novanta by 69.9% during the fourth 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 period. Finally, Pinebridge Investments L.P. boosted its position in Novanta by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 14,354 shares of the technology company's stock valued at $2,193,000 after buying an additional 4,293 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Trading Down 0.0%

Shares of Novanta stock traded down $0.02 during trading on Tuesday, reaching $129.24. 7,513 shares of the stock were exchanged, compared to its average volume of 289,090. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The stock's fifty day moving average is $122.58 and its 200 day moving average is $143.84. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of 77.44 and a beta of 1.51. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.12.

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

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their target price on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a 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.