Summit Creek Advisors LLC Buys 9,791 Shares of Novanta Inc. (NASDAQ:NOVT)

Key Points

• Summit Creek Advisors LLC increased its stake in Novanta Inc. by 21.1%, acquiring an additional 9,791 shares and owning 56,258 shares valued at $7.19 million.
• Institutional investors now hold 98.35% of Novanta's stock, reflecting significant interest from hedge funds and other institutional investors in the company.
• Novanta reported quarterly earnings of $0.74 per share, exceeding estimates, and had a revenue of $233.37 million, up 1.1% from the previous year.

Summit Creek Advisors LLC grew its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 21.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,258 shares of the technology company's stock after buying an additional 9,791 shares during the period. Summit Creek Advisors LLC owned 0.16% of Novanta worth $7,194,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of NOVT. Parallel Advisors LLC increased its position in shares of Novanta by 1,426.7% during the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after buying an additional 214 shares during the period. Johnson Financial Group Inc. increased its position in shares of Novanta by 482.1% during the fourth 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 during the period. GAMMA Investing LLC increased its position in shares of Novanta by 146.0% during the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after buying an additional 238 shares during the period. CWM LLC increased its position in shares of Novanta by 329.8% during the first quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after buying an additional 310 shares during the period. Finally, Signaturefd LLC increased its position in shares of Novanta by 80.0% during the first quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after buying an additional 184 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Novanta Stock Up 1.6%

NOVT stock opened at $127.21 on Monday. 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 company's 50 day moving average is $126.22 and its 200 day moving average is $130.94. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of 64.90 and a beta of 1.45. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $187.00.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.06. The company had revenue of $233.37 million for the quarter, compared to analysts' expectations of $233.34 million. Novanta had a net margin of 7.42% and a return on equity of 15.06%. Novanta's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.74 earnings per share. Sell-side analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Wall Street Zen cut Novanta from a "buy" rating to a "hold" rating in a research report on Saturday.

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.

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