Axiom Investors LLC DE Sells 18,081 Shares of Novanta Inc. (NASDAQ:NOVT)

Axiom Investors LLC DE reduced its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 22.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 62,432 shares of the technology company's stock after selling 18,081 shares during the period. Axiom Investors LLC DE owned approximately 0.17% of Novanta worth $9,538,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Schroder Investment Management Group increased its position in shares of Novanta by 52.5% during the 4th quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company's stock valued at $41,359,000 after purchasing an additional 93,511 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Novanta by 1.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 127,604 shares of the technology company's stock valued at $19,494,000 after buying an additional 1,662 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Novanta in the fourth quarter worth about $1,392,000. Norges Bank purchased a new position in Novanta in the 4th quarter worth approximately $48,442,000. Finally, Blair William & Co. IL raised its holdings in Novanta by 2.4% during the 4th quarter. Blair William & Co. IL now owns 448,434 shares of the technology company's stock valued at $68,507,000 after buying an additional 10,459 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Stock Down 7.3 %

Shares of NASDAQ:NOVT traded down $8.40 on Friday, hitting $107.34. 242,435 shares of the company traded hands, compared to its average volume of 176,314. The company has a market cap of $3.86 billion, a PE ratio of 64.05 and a beta of 1.42. The stock has a 50 day simple moving average of $140.88 and a 200-day simple moving average of $157.44. Novanta Inc. has a 52 week low of $105.15 and a 52 week high of $187.12. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61.

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

Analysts Set New Price Targets

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

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.