Geneva Capital Management LLC Purchases 81,397 Shares of Novanta Inc. (NASDAQ:NOVT)

Key Points

• Geneva Capital Management LLC increased its stake in Novanta Inc. by 9.5%, acquiring an additional 81,397 shares, bringing its total holdings to 934,035 shares.
• Novanta reported a net revenue of $233.37 million for the quarter, slightly exceeding market expectations and maintaining an EPS of $0.74.
• Wall Street analysts recently upgraded Novanta's rating from "hold" to "buy", reflecting a positive outlook for the stock.

Geneva Capital Management LLC lifted its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 934,035 shares of the technology company's stock after acquiring an additional 81,397 shares during the quarter. Novanta makes up approximately 2.2% of Geneva Capital Management LLC's holdings, making the stock its 15th biggest position. Geneva Capital Management LLC owned about 2.60% of Novanta worth $119,435,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC grew its stake 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 valued at $29,000 after acquiring an additional 214 shares during the period. Johnson Financial Group Inc. grew its stake 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 valued at $49,000 after acquiring an additional 270 shares during the period. GAMMA Investing LLC grew its stake in shares of Novanta by 146.0% during the 1st quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after acquiring an additional 238 shares during the period. CWM LLC grew its stake in shares of Novanta by 329.8% during the 1st quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after acquiring an additional 310 shares during the period. Finally, Signaturefd LLC grew its stake in shares of Novanta by 80.0% during the 1st quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after acquiring an additional 184 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Novanta Trading Down 2.4%

NOVT stock opened at $120.10 on Monday. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $186.75. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.56 and a quick ratio of 1.70. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of 61.28 and a beta of 1.48. The business has a 50 day simple moving average of $126.07 and a two-hundred day simple moving average of $130.08.

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 for the quarter, topping the consensus estimate of $0.68 by $0.06. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The business had revenue of $233.37 million during the quarter, compared to the consensus estimate of $233.34 million. During the same period in the prior year, the company posted $0.74 EPS. The firm's revenue for the quarter was up 1.1% compared to the same quarter last year. Research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Novanta from a "hold" rating to a "buy" rating in a research note on Sunday.

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.

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