Edgestream Partners L.P. Increases Position in Novanta Inc. (NASDAQ:NOVT)

Edgestream Partners L.P. raised its holdings in Novanta Inc. (NASDAQ:NOVT - Free Report) by 62.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,095 shares of the technology company's stock after buying an additional 35,447 shares during the period. Novanta comprises approximately 0.4% of Edgestream Partners L.P.'s investment portfolio, making the stock its 20th biggest holding. Edgestream Partners L.P. owned approximately 0.26% of Novanta worth $11,776,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Parallel Advisors LLC lifted its position in shares of Novanta by 1,426.7% during the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock worth $29,000 after buying an additional 214 shares during the last quarter. Johnson Financial Group Inc. lifted its position in shares of Novanta by 482.1% during the 4th 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 last quarter. GAMMA Investing LLC lifted its position in shares of Novanta by 146.0% during the 1st quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock worth $51,000 after buying an additional 238 shares during the last quarter. CWM LLC lifted its position in shares of Novanta by 329.8% during the 1st quarter. CWM LLC now owns 404 shares of the technology company's stock worth $52,000 after buying an additional 310 shares during the last quarter. Finally, Huntington National Bank boosted its holdings in shares of Novanta by 53.6% during the 4th quarter. Huntington National Bank now owns 430 shares of the technology company's stock valued at $66,000 after acquiring an additional 150 shares in the last quarter. Institutional investors own 98.35% of the company's stock.

Novanta Trading Down 1.5%

Shares of NASDAQ:NOVT traded down $1.90 during midday trading on Tuesday, reaching $124.72. The company's stock had a trading volume of 214,053 shares, compared to its average volume of 224,093. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 63.63 and a beta of 1.45. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.70 and a current ratio of 2.56. The firm has a 50 day moving average price of $126.63 and a two-hundred day moving average price of $132.57. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $233.34 million. During the same period in the previous year, the business earned $0.74 EPS. The firm's revenue was up 1.1% compared to the same quarter last year. As a group, analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.