24,094 Shares in Novanta Inc. (NASDAQ:NOVT) Purchased by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. purchased a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,094 shares of the technology company's stock, valued at approximately $3,681,000. D. E. Shaw & Co. Inc. owned about 0.07% of Novanta as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of NOVT. Arizona State Retirement System grew its stake in Novanta by 0.7% during the fourth quarter. Arizona State Retirement System now owns 10,412 shares of the technology company's stock worth $1,591,000 after buying an additional 76 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in Novanta by 5.6% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company's stock worth $258,000 after buying an additional 90 shares during the period. Huntington National Bank grew its stake in Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company's stock worth $66,000 after buying an additional 150 shares during the period. Empowered Funds LLC purchased a new stake in Novanta during the fourth quarter worth approximately $26,000. Finally, Johnson Financial Group Inc. grew 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 during the period. Institutional investors and hedge funds own 98.35% of the company's stock.

Analyst Ratings Changes

Separately, Robert W. Baird decreased their price objective on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd.

Novanta Stock Down 1.5%

Shares of NOVT stock traded down $1.77 on Friday, hitting $120.13. The stock had a trading volume of 344,006 shares, compared to its average volume of 212,557. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of 71.93 and a beta of 1.51. The stock's 50 day moving average is $121.56 and its 200-day moving average is $142.65. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $187.12.

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