Wasatch Advisors LP Has $152.29 Million Holdings in Novanta Inc. (NASDAQ:NOVT)

Wasatch Advisors LP lowered its holdings in Novanta Inc. (NASDAQ:NOVT - Free Report) by 0.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 996,832 shares of the technology company's stock after selling 9,479 shares during the quarter. Wasatch Advisors LP owned approximately 2.78% of Novanta worth $152,286,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in NOVT. Sanctuary Advisors LLC bought a new stake in shares of Novanta during the third quarter valued at approximately $232,000. KBC Group NV lifted its position in Novanta by 41.6% during the fourth quarter. KBC Group NV now owns 1,500 shares of the technology company's stock valued at $229,000 after purchasing an additional 441 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Novanta by 4.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company's stock valued at $18,419,000 after purchasing an additional 4,648 shares during the period. Proficio Capital Partners LLC purchased a new position in Novanta in the 4th quarter worth approximately $5,298,000. Finally, Zions Bancorporation N.A. grew its holdings in Novanta by 21.2% during the 4th quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company's stock valued at $2,171,000 after buying an additional 2,486 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their price objective on 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

NOVT stock traded down $4.01 during mid-day trading on Monday, reaching $110.57. The company's stock had a trading volume of 50,299 shares, compared to its average volume of 195,500. 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 fifty-two week low of $98.76 and a fifty-two week high of $187.12. The company's 50 day moving average is $131.34 and its two-hundred day moving average is $151.56. The stock has a market cap of $3.98 billion, a PE ratio of 66.21 and a beta of 1.42.

Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business had revenue of $238.10 million during the quarter, compared to analysts' expectations of $240.29 million. During the same period in the previous year, the company earned $0.63 EPS. The company's revenue for the quarter was up 12.5% on a year-over-year basis. Equities research analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

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.