Proficio Capital Partners LLC Invests $5.30 Million in Novanta Inc. (NASDAQ:NOVT)

Proficio Capital Partners LLC bought a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 34,679 shares of the technology company's stock, valued at approximately $5,298,000. Proficio Capital Partners LLC owned approximately 0.10% of Novanta as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC purchased a new position in shares of Novanta in the fourth quarter valued at $26,000. SBI Securities Co. Ltd. purchased a new position in shares of Novanta in the fourth quarter valued at $97,000. Venturi Wealth Management LLC grew its holdings in shares of Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after purchasing an additional 715 shares in the last quarter. KBC Group NV grew its holdings in shares of Novanta by 14.9% in the third quarter. KBC Group NV now owns 1,059 shares of the technology company's stock valued at $189,000 after purchasing an additional 137 shares in the last quarter. Finally, Associated Banc Corp purchased a new position in shares of Novanta in the third quarter valued at $209,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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Novanta Trading Down 1.8 %

NASDAQ NOVT traded down $2.46 on Thursday, hitting $134.21. 247,391 shares of the stock were exchanged, compared to its average volume of 164,511. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The stock has a fifty day moving average price of $144.94 and a two-hundred day moving average price of $160.47. The firm has a market capitalization of $4.83 billion, a P/E ratio of 80.37 and a beta of 1.34. Novanta Inc. has a 52-week low of $132.98 and a 52-week high of $187.12.

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