Granahan Investment Management LLC Sells 4,302 Shares of Novanta Inc. (NASDAQ:NOVT)

Granahan Investment Management LLC trimmed its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 15.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 24,444 shares of the technology company's stock after selling 4,302 shares during the quarter. Granahan Investment Management LLC owned about 0.07% of Novanta worth $3,734,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of NOVT. Focus Partners Wealth bought a new position in shares of Novanta in the 4th quarter worth approximately $538,000. D. E. Shaw & Co. Inc. bought a new position in shares of Novanta in the 4th quarter worth approximately $3,681,000. Deutsche Bank AG raised its stake in Novanta by 57.5% during the 4th quarter. Deutsche Bank AG now owns 33,840 shares of the technology company's stock worth $5,170,000 after acquiring an additional 12,350 shares during the period. BW Gestao de Investimentos Ltda. bought a new stake in Novanta during the 4th quarter worth approximately $2,317,000. Finally, Balyasny Asset Management L.P. bought a new stake in Novanta during the 4th quarter worth approximately $733,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Robert W. Baird decreased 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.

Novanta Price Performance

Shares of Novanta stock traded down $1.49 on Wednesday, hitting $131.41. 648,277 shares of the company traded hands, compared to its average volume of 207,805. The stock has a market capitalization of $4.73 billion, a P/E ratio of 78.69 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 Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. The business has a 50-day simple moving average of $123.26 and a 200 day simple moving average of $145.28.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share 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 firm had revenue of $233.37 million during the quarter, compared to analyst estimates of $233.34 million. During the same period last year, the firm posted $0.74 earnings per share. Novanta's revenue for the quarter was up 1.1% compared to the same quarter last year. Research analysts expect that Novanta Inc. will post 3.03 earnings per share 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.