Norges Bank Acquires Shares of 317,092 Novanta Inc. (NASDAQ:NOVT)

Norges Bank acquired a new position in Novanta Inc. (NASDAQ:NOVT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 317,092 shares of the technology company's stock, valued at approximately $48,442,000. Norges Bank owned 0.88% of Novanta at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NOVT. FMR LLC lifted its stake in shares of Novanta by 127.0% in the 3rd quarter. FMR LLC now owns 8,025 shares of the technology company's stock valued at $1,436,000 after purchasing an additional 4,489 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Novanta by 110.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company's stock valued at $17,938,000 after buying an additional 52,573 shares during the period. HighTower Advisors LLC bought a new position in shares of Novanta during the 3rd quarter worth approximately $257,000. State Street Corp grew its position in shares of Novanta by 2.0% during the 3rd quarter. State Street Corp now owns 1,298,419 shares of the technology company's stock worth $232,313,000 after buying an additional 24,929 shares during the period. Finally, DF Dent & Co. Inc. increased its stake in shares of Novanta by 26.7% in the 3rd quarter. DF Dent & Co. Inc. now owns 205,713 shares of the technology company's stock valued at $36,806,000 after acquiring an additional 43,400 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

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Novanta Stock Up 14.8 %

Shares of NOVT traded up $15.19 during trading hours on Wednesday, hitting $117.84. The stock had a trading volume of 868,516 shares, compared to its average volume of 189,685. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $187.12. The firm has a market capitalization of $4.24 billion, a P/E ratio of 70.56 and a beta of 1.42. The firm has a 50 day simple moving average of $136.10 and a 200-day simple moving average of $154.75. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm had revenue of $238.10 million during the quarter, compared to analysts' expectations of $240.29 million. During the same quarter last year, the firm posted $0.63 earnings per share. The company's revenue for the quarter was up 12.5% compared to the same quarter last year. Sell-side analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

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 note 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.