Edgestream Partners L.P. bought a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 56,648 shares of the technology company's stock, valued at approximately $8,654,000. Novanta accounts for 0.4% of Edgestream Partners L.P.'s holdings, making the stock its 27th largest position. Edgestream Partners L.P. owned 0.16% of Novanta as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of NOVT. State of Alaska Department of Revenue lifted its holdings in shares of Novanta by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 4,151 shares of the technology company's stock valued at $742,000 after purchasing an additional 280 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Novanta by 12.7% during the 3rd quarter. US Bancorp DE now owns 5,324 shares of the technology company's stock valued at $953,000 after purchasing an additional 601 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Novanta by 28.4% during the 3rd quarter. Van ECK Associates Corp now owns 963 shares of the technology company's stock valued at $166,000 after purchasing an additional 213 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Novanta by 13.1% during the 3rd quarter. Victory Capital Management Inc. now owns 8,512 shares of the technology company's stock valued at $1,523,000 after purchasing an additional 986 shares during the last quarter. Finally, Geneva Capital Management LLC lifted its holdings in shares of Novanta by 1.1% during the 3rd quarter. Geneva Capital Management LLC now owns 780,046 shares of the technology company's stock valued at $139,566,000 after purchasing an additional 8,574 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.
Novanta Stock Performance
NOVT stock traded up $1.02 during midday trading on Friday, reaching $142.99. The stock had a trading volume of 189,280 shares, compared to its average volume of 161,751. The stock has a market cap of $5.14 billion, a PE ratio of 85.62 and a beta of 1.34. 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 firm has a fifty day simple moving average of $147.35 and a two-hundred day simple moving average of $163.11. Novanta Inc. has a 52-week low of $136.02 and a 52-week high of $187.12.
Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 15.20% and a net margin of 6.52%. The firm's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the business posted $0.63 EPS. As a group, equities research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.
Analyst Upgrades and Downgrades
Separately, Robert W. Baird reduced their target price on Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd.
Check Out Our Latest Research Report on Novanta
Novanta Company Profile
(
Free Report)
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.
Further Reading
Before you consider Novanta, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Novanta wasn't on the list.
While Novanta currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Options trading isn’t just for the Wall Street elite; it’s an accessible strategy for anyone armed with the proper knowledge. Think of options as a strategic toolkit, with each tool designed for a specific financial task. Get this report to learn how options trading can help you use the market’s volatility to your advantage.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
