Fred Alger Management LLC Sells 22,807 Shares of Novanta Inc. (NASDAQ:NOVT)

Fred Alger Management LLC cut its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 12.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 165,740 shares of the technology company's stock after selling 22,807 shares during the period. Fred Alger Management LLC owned 0.46% of Novanta worth $25,320,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NOVT. KBC Group NV increased its stake in Novanta by 41.6% during the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company's stock worth $229,000 after acquiring an additional 441 shares during the period. Exchange Traded Concepts LLC grew its position in Novanta by 4.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company's stock valued at $18,419,000 after acquiring an additional 4,648 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Novanta during the fourth quarter worth about $5,298,000. Zions Bancorporation N.A. boosted its stake in shares of Novanta by 21.2% in the 4th quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company's stock valued at $2,171,000 after purchasing an additional 2,486 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Novanta by 8.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company's stock valued at $119,757,000 after purchasing an additional 58,631 shares during the last quarter. Institutional investors own 98.35% of the company's stock.

Analyst Upgrades and Downgrades

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 report on Monday, March 3rd.

Novanta Price Performance

NOVT stock traded down $1.27 during midday trading on Wednesday, reaching $131.63. 383,289 shares of the stock were exchanged, compared to its average volume of 206,576. 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 stock has a market capitalization of $4.73 billion, a PE ratio of 78.82 and a beta of 1.51. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. The company has a fifty day moving average price of $123.26 and a 200 day moving average price of $145.28.

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, 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 company had revenue of $233.37 million during the quarter, compared to the consensus estimate of $233.34 million. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The firm's revenue was up 1.1% compared to the same quarter last year. As a group, analysts expect 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.