Novanta Inc. (NASDAQ:NOVT) Shares Bought by Edgestream Partners L.P.

Edgestream Partners L.P. raised its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 62.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 92,095 shares of the technology company's stock after purchasing an additional 35,447 shares during the period. Novanta accounts for 0.4% of Edgestream Partners L.P.'s investment portfolio, making the stock its 20th largest holding. Edgestream Partners L.P. owned approximately 0.26% of Novanta worth $11,776,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of NOVT. Parallel Advisors LLC boosted its holdings in shares of Novanta by 1,426.7% in the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after buying an additional 214 shares in the last quarter. Johnson Financial Group Inc. boosted its holdings in shares of Novanta by 482.1% in the 4th 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 in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Novanta by 146.0% in the 1st quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after buying an additional 238 shares in the last quarter. CWM LLC boosted its holdings in shares of Novanta by 329.8% in the 1st quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after buying an additional 310 shares in the last quarter. Finally, Huntington National Bank boosted its holdings in shares of Novanta by 53.6% in the 4th quarter. Huntington National Bank now owns 430 shares of the technology company's stock valued at $66,000 after buying an additional 150 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Novanta Stock Performance

NASDAQ:NOVT traded up $0.96 during trading hours on Thursday, reaching $126.06. 228,507 shares of the company's stock were exchanged, compared to its average volume of 224,147. The firm has a market capitalization of $4.53 billion, a price-to-earnings ratio of 64.32 and a beta of 1.45. The company has a 50-day moving average of $126.84 and a 200 day moving average of $132.34. The company has a quick ratio of 1.70, a current ratio of 2.56 and a debt-to-equity ratio of 0.50. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $187.00.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly 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 firm had revenue of $233.37 million during the quarter, compared to analysts' expectations of $233.34 million. Novanta had a net margin of 7.42% and a return on equity of 15.06%. Novanta's quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.74 EPS. Research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current 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.