ProShare Advisors LLC Grows Stock Position in Novanta Inc. (NASDAQ:NOVT)

ProShare Advisors LLC boosted its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 39.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 11,784 shares of the technology company's stock after acquiring an additional 3,331 shares during the period. ProShare Advisors LLC's holdings in Novanta were worth $1,800,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in NOVT. Empowered Funds LLC acquired a new stake in shares of Novanta in the fourth quarter valued at about $26,000. Johnson Financial Group Inc. increased its position in Novanta by 482.1% during the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock worth $49,000 after purchasing an additional 270 shares during the last quarter. Huntington National Bank increased its position in Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company's stock worth $66,000 after purchasing an additional 150 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Novanta during the fourth quarter worth about $97,000. Finally, Venturi Wealth Management LLC increased its position in Novanta by 6,500.0% during the fourth 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 last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Trading Up 2.0%

Novanta stock traded up $2.40 during midday trading on Tuesday, hitting $122.53. 38,109 shares of the stock were exchanged, compared to its average volume of 211,868. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.12. The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of 73.31 and a beta of 1.51. The stock's 50-day simple moving average is $121.23 and its 200 day simple moving average is $141.95. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 6.52% and a return on equity of 15.20%. Novanta's revenue was up 1.1% compared to the same quarter last year. During the same period last year, the business earned $0.74 earnings per share. On average, equities analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird cut their price objective on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research report 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.