Millennium Management LLC Acquires 85,160 Shares of Novanta Inc. (NASDAQ:NOVT)

Millennium Management LLC increased its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 2,714.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,297 shares of the technology company's stock after purchasing an additional 85,160 shares during the quarter. Millennium Management LLC owned approximately 0.25% of Novanta worth $13,489,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Arizona State Retirement System grew its position in shares of Novanta by 0.7% during the fourth quarter. Arizona State Retirement System now owns 10,412 shares of the technology company's stock worth $1,591,000 after purchasing an additional 76 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Novanta by 5.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company's stock valued at $258,000 after buying an additional 90 shares in the last quarter. Huntington National Bank grew its holdings in 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 buying an additional 150 shares in the last quarter. Empowered Funds LLC purchased a new position in Novanta during the 4th quarter valued at approximately $26,000. Finally, Johnson Financial Group Inc. grew its holdings in 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 buying an additional 270 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analysts Set New Price Targets

Separately, Robert W. Baird cut their price target on Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a report on Monday, March 3rd.

Novanta Trading Up 1.5%

Shares of Novanta stock traded up $1.81 on Thursday, reaching $123.88. The company had a trading volume of 35,836 shares, compared to its average volume of 212,219. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 74.18 and a beta of 1.51. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The firm's 50-day moving average price is $120.78 and its two-hundred day moving average price is $141.68. 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 announced its earnings results on Tuesday, May 6th. The technology company reported $0.74 EPS 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 return on equity of 15.20% and a net margin of 6.52%. The company's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.74 EPS. As a group, research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

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.