Voloridge Investment Management LLC Makes New $7.13 Million Investment in Novanta Inc. (NASDAQ:NOVT)

Voloridge Investment Management LLC purchased a new position in Novanta Inc. (NASDAQ:NOVT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 46,681 shares of the technology company's stock, valued at approximately $7,131,000. Voloridge Investment Management LLC owned about 0.13% of Novanta as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Empowered Funds LLC bought a new stake in shares of Novanta during the 4th quarter valued at about $26,000. Johnson Financial Group Inc. boosted its stake in shares of 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 purchasing an additional 270 shares in the last quarter. Huntington National Bank boosted its stake in shares of 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 purchasing an additional 150 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Novanta during the 4th quarter valued at about $97,000. Finally, Venturi Wealth Management LLC boosted its stake in shares of Novanta by 6,500.0% during the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after purchasing an additional 715 shares in the last quarter. Institutional investors own 98.35% of the company's stock.

Novanta Stock Performance

Shares of NOVT stock traded down $0.69 during trading hours on Friday, reaching $123.64. The company had a trading volume of 78,501 shares, compared to its average volume of 212,805. The firm has a market cap of $4.45 billion, a PE ratio of 74.10 and a beta of 1.51. Novanta Inc. has a one year low of $98.76 and a one year high of $187.12. The business has a fifty day moving average price of $120.78 and a 200-day moving average price of $141.68. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79.

Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.68 by $0.06. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company had revenue of $233.37 million for the quarter, compared to the consensus estimate of $233.34 million. During the same quarter in the prior year, the firm earned $0.74 earnings per share. Novanta's revenue was up 1.1% on a year-over-year basis. Sell-side analysts predict that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Robert W. Baird cut their target price on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd.

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.