Aristotle Capital Boston LLC Has $23.17 Million Holdings in Novanta Inc. (NASDAQ:NOVT)

Aristotle Capital Boston LLC trimmed its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 10.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 151,655 shares of the technology company's stock after selling 18,299 shares during the period. Aristotle Capital Boston LLC owned about 0.42% of Novanta worth $23,168,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of NOVT. Vanguard Group Inc. grew its holdings in shares of Novanta by 1.5% in 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 position in Novanta by 6.2% in the fourth quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company's stock valued at $153,515,000 after buying an additional 58,864 shares in the last quarter. William Blair Investment Management LLC grew its stake in Novanta by 1.2% during the fourth quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company's stock worth $149,079,000 after buying an additional 11,361 shares during the last quarter. Geneva Capital Management LLC increased its holdings in shares of Novanta by 9.3% during the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock worth $130,257,000 after buying an additional 72,592 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Novanta by 8.0% in the fourth 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. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Novanta Price Performance

Shares of Novanta stock traded up $3.69 during trading on Thursday, reaching $122.60. The company's stock had a trading volume of 92,193 shares, compared to its average volume of 202,648. The stock has a 50-day moving average price of $124.43 and a two-hundred day moving average price of $146.73. The stock has a market capitalization of $4.41 billion, a P/E ratio of 73.41 and a beta of 1.51. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a one year low of $98.76 and a one year high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $233.34 million. During the same period in the previous year, the firm posted $0.74 earnings per share. The company's revenue was up 1.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Novanta Company 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.