Novanta Inc. (NASDAQ:NOVT) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lessened its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 12.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 165,740 shares of the technology company's stock after selling 22,807 shares during the quarter. Fred Alger Management LLC owned about 0.46% of Novanta worth $25,320,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of NOVT. Vanguard Group Inc. grew its position in Novanta by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company's stock worth $629,997,000 after purchasing an additional 62,585 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Novanta by 6.2% in the 4th quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company's stock valued at $153,515,000 after acquiring an additional 58,864 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Novanta by 1.2% in the 4th quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company's stock valued at $149,079,000 after acquiring an additional 11,361 shares during the last quarter. Geneva Capital Management LLC boosted its holdings in shares of Novanta by 9.3% in the 4th quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock valued at $130,257,000 after acquiring an additional 72,592 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Novanta by 8.0% in 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 acquiring an additional 58,631 shares during the last quarter. Institutional investors own 98.35% of the company's stock.

Novanta Stock Performance

NASDAQ NOVT traded up $0.77 during mid-day trading on Friday, reaching $122.68. 256,887 shares of the stock were exchanged, compared to its average volume of 204,207. The business's 50 day moving average is $123.66 and its 200-day moving average is $145.65. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.12. The company has a market capitalization of $4.41 billion, a P/E ratio of 73.46 and a beta of 1.51. 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 announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $233.34 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.74 earnings per share. On average, equities research analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

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

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.