ProShare Advisors LLC Has $1.80 Million Position in Novanta Inc. (NASDAQ:NOVT)

ProShare Advisors LLC raised its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 39.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,784 shares of the technology company's stock after purchasing an additional 3,331 shares during the quarter. ProShare Advisors LLC's holdings in Novanta were worth $1,800,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nomura Holdings Inc. bought a new position in Novanta during the fourth quarter valued at about $727,000. Nuveen Asset Management LLC lifted its holdings in Novanta by 2.8% in the 4th quarter. Nuveen Asset Management LLC now owns 126,812 shares of the technology company's stock valued at $19,373,000 after acquiring an additional 3,406 shares during the last quarter. Occudo Quantitative Strategies LP bought a new position in shares of Novanta during the 4th quarter valued at about $482,000. Millennium Management LLC grew its stake in shares of Novanta by 2,714.7% in the 4th quarter. Millennium Management LLC now owns 88,297 shares of the technology company's stock worth $13,489,000 after purchasing an additional 85,160 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Novanta by 6.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,761 shares of the technology company's stock worth $5,608,000 after purchasing an additional 2,317 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Robert W. Baird cut 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 Price Performance

Shares of NOVT traded down $1.77 during trading hours on Friday, hitting $120.13. 344,006 shares of the company were exchanged, compared to its average volume of 212,557. 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 company has a market capitalization of $4.32 billion, a PE ratio of 71.93 and a beta of 1.51. The firm has a fifty day simple moving average of $121.56 and a 200-day simple moving average of $142.65. Novanta Inc. has a one year low of $98.76 and a one 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, beating the consensus estimate of $0.68 by $0.06. Novanta had a return on equity of 15.20% and a net margin of 6.52%. 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 business posted $0.74 earnings per share. Novanta's revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

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.