Allspring Global Investments Holdings LLC Sells 39,352 Shares of Novanta Inc. (NASDAQ:NOVT)

Allspring Global Investments Holdings LLC lowered its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 5.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 754,007 shares of the technology company's stock after selling 39,352 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 2.10% of Novanta worth $96,136,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of NOVT. Diversified Trust Co raised its holdings in Novanta by 47.0% during the first quarter. Diversified Trust Co now owns 6,293 shares of the technology company's stock worth $805,000 after purchasing an additional 2,011 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of Novanta by 4.0% during the 1st quarter. Bessemer Group Inc. now owns 151,430 shares of the technology company's stock valued at $19,362,000 after acquiring an additional 5,818 shares during the last quarter. WoodTrust Financial Corp lifted its stake in shares of Novanta by 11.5% in the first quarter. WoodTrust Financial Corp now owns 2,433 shares of the technology company's stock worth $311,000 after buying an additional 250 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in Novanta by 2.6% during the first quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company's stock valued at $537,000 after acquiring an additional 105 shares during the period. Finally, Conestoga Capital Advisors LLC boosted its position in shares of Novanta by 1.3% in the first quarter. Conestoga Capital Advisors LLC now owns 1,365,252 shares of the technology company's stock valued at $174,575,000 after acquiring an additional 17,220 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Novanta from a "hold" rating to a "buy" rating in a research note on Friday, June 6th.

Novanta Stock Up 1.6%

Shares of NOVT stock traded up $2.03 during trading hours on Wednesday, hitting $132.85. 251,089 shares of the company were exchanged, compared to its average volume of 221,210. The company has a current ratio of 2.56, a quick ratio of 1.70 and a debt-to-equity ratio of 0.50. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. The company has a market capitalization of $4.78 billion, a PE ratio of 67.78 and a beta of 1.45. The business has a 50 day moving average of $124.27 and a two-hundred day moving average of $134.43.

Novanta (NASDAQ:NOVT - Get Free Report) last issued 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 15.06% and a net margin of 7.42%. The company had revenue of $233.37 million during the quarter, compared to analysts' expectations of $233.34 million. During the same quarter in the previous year, the company posted $0.74 earnings per share. The business's revenue was up 1.1% on a year-over-year basis. Analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

About Novanta

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.