Azzad Asset Management Inc. ADV Has $2.67 Million Stock Position in Novanta Inc. (NASDAQ:NOVT)

Azzad Asset Management Inc. ADV lifted its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 21.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,863 shares of the technology company's stock after acquiring an additional 3,681 shares during the period. Azzad Asset Management Inc. ADV owned about 0.06% of Novanta worth $2,668,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Novanta by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company's stock worth $629,997,000 after acquiring an additional 62,585 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Novanta by 6.2% in the fourth quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company's stock worth $153,515,000 after acquiring an additional 58,864 shares in the last quarter. William Blair Investment Management LLC grew its position in Novanta by 1.2% during the fourth quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company's stock valued at $149,079,000 after purchasing an additional 11,361 shares in the last quarter. Geneva Capital Management LLC grew its position in Novanta by 9.3% during the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock valued at $130,257,000 after purchasing an additional 72,592 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its position in Novanta by 69.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company's stock valued at $103,910,000 after purchasing an additional 279,793 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Stock Down 0.0%

NASDAQ NOVT traded down $0.04 during trading on Wednesday, reaching $122.26. The company's stock had a trading volume of 87,906 shares, compared to its average volume of 217,766. The company has a current ratio of 2.56, a quick ratio of 1.70 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $4.40 billion, a PE ratio of 62.19 and a beta of 1.46. The business has a 50-day moving average price of $121.86 and a 200-day moving average price of $137.31. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its earnings results 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 net margin of 7.42% and a return on equity of 15.06%. The firm had revenue of $233.37 million during the quarter, compared to analysts' expectations of $233.34 million. During the same period in the previous year, the company earned $0.74 earnings per share. The company's revenue was up 1.1% compared to the same quarter last year. On average, research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Novanta Company 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.