Conestoga Capital Advisors LLC Raises Stake in Novanta Inc. (NASDAQ:NOVT)

Conestoga Capital Advisors LLC boosted its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,365,252 shares of the technology company's stock after buying an additional 17,220 shares during the period. Novanta makes up approximately 2.6% of Conestoga Capital Advisors LLC's portfolio, making the stock its 12th biggest position. Conestoga Capital Advisors LLC owned about 3.80% of Novanta worth $174,575,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Empowered Funds LLC acquired a new stake in shares of Novanta during the fourth quarter valued at about $26,000. Venturi Wealth Management LLC boosted its position in shares of Novanta by 6,500.0% during the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock worth $111,000 after purchasing an additional 715 shares during the period. Kornitzer Capital Management Inc. KS purchased a new position in shares of Novanta during the 4th quarter worth approximately $5,105,000. New York State Common Retirement Fund increased its holdings in Novanta by 0.8% in the 4th quarter. New York State Common Retirement Fund now owns 89,320 shares of the technology company's stock valued at $13,645,000 after purchasing an additional 700 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its position in Novanta by 16.6% in the fourth quarter. Handelsbanken Fonder AB now owns 9,811 shares of the technology company's stock valued at $1,499,000 after purchasing an additional 1,400 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Stock Down 1.3%

Novanta stock traded down $1.59 during mid-day trading on Friday, reaching $120.56. 344,549 shares of the company's stock were exchanged, compared to its average volume of 219,073. 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 twelve month low of $98.76 and a twelve month high of $187.12. The company has a market cap of $4.34 billion, a P/E ratio of 61.51 and a beta of 1.46. The company has a fifty day moving average of $122.17 and a 200-day moving average of $136.88.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $233.37 million for the quarter, compared to analyst estimates of $233.34 million. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The company's revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 earnings per share. Sell-side analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Robert W. Baird lowered their price target on Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. Wall Street Zen raised Novanta from a "hold" rating to a "buy" rating in a research note on Friday, June 6th.

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.