California Public Employees Retirement System Has $8.78 Million Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

California Public Employees Retirement System lowered its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 8.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 57,477 shares of the technology company's stock after selling 5,014 shares during the quarter. California Public Employees Retirement System owned about 0.16% of Novanta worth $8,781,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in NOVT. Empowered Funds LLC bought a new stake in Novanta in the 4th quarter valued at approximately $26,000. SBI Securities Co. Ltd. bought a new stake in shares of Novanta in the fourth quarter worth $97,000. Venturi Wealth Management LLC boosted its holdings in Novanta by 6,500.0% during the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock worth $111,000 after purchasing an additional 715 shares during the last quarter. Sanctuary Advisors LLC bought a new position in Novanta in the third quarter valued at $232,000. Finally, HighTower Advisors LLC acquired a new stake in Novanta in the 3rd quarter valued at $257,000. Institutional investors own 98.35% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird decreased their price objective on 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 Stock Up 1.3 %

NOVT stock traded up $1.39 during mid-day trading on Friday, reaching $112.39. The company had a trading volume of 412,445 shares, compared to its average volume of 192,469. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of 67.30 and a beta of 1.42. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The stock has a 50 day simple moving average of $134.67 and a two-hundred day simple moving average of $153.87.

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

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.