Squarepoint Ops LLC Buys New Position in Novanta Inc. (NASDAQ:NOVT)

Squarepoint Ops LLC acquired a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,687 shares of the technology company's stock, valued at approximately $1,022,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Novanta during the 4th quarter worth about $48,442,000. T. Rowe Price Investment Management Inc. raised its stake in Novanta by 69.9% in the 4th 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 during the last quarter. WCM Investment Management LLC acquired a new position in Novanta in the 4th quarter valued at $15,104,000. Schroder Investment Management Group boosted its stake in Novanta by 52.5% during the 4th quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company's stock worth $41,359,000 after purchasing an additional 93,511 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Novanta by 2,714.7% during the 4th quarter. Millennium Management LLC now owns 88,297 shares of the technology company's stock valued at $13,489,000 after acquiring an additional 85,160 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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 0.7%

NOVT stock traded up $0.91 during midday trading on Wednesday, hitting $126.65. 161,704 shares of the company's stock were exchanged, compared to its average volume of 215,047. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $187.12. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $4.56 billion, a PE ratio of 75.84 and a beta of 1.51. The business has a 50-day simple moving average of $119.85 and a two-hundred day simple moving average of $140.12.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 earnings per share (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 the consensus estimate 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 period last year, the company earned $0.74 EPS. On average, sell-side analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Novanta 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.