Novanta Inc. (NASDAQ:NOVT) Shares Sold by Champlain Investment Partners LLC

Champlain Investment Partners LLC reduced its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 11.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 409,342 shares of the technology company's stock after selling 52,760 shares during the quarter. Champlain Investment Partners LLC owned 1.14% of Novanta worth $62,535,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Novanta by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company's stock valued at $629,997,000 after buying an additional 62,585 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Novanta by 6.2% during the 4th quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company's stock worth $153,515,000 after purchasing an additional 58,864 shares during the last quarter. William Blair Investment Management LLC boosted its position in Novanta by 1.2% during the fourth quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company's stock valued at $149,079,000 after purchasing an additional 11,361 shares in the last quarter. Geneva Capital Management LLC raised its holdings in Novanta by 9.3% in the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock worth $130,257,000 after purchasing an additional 72,592 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Novanta by 8.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company's stock worth $119,757,000 after purchasing an additional 58,631 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Novanta Stock Up 2.0 %

Shares of Novanta stock traded up $2.25 during trading on Tuesday, reaching $112.79. The company's stock had a trading volume of 117,728 shares, compared to its average volume of 195,926. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $187.12. The company has a 50-day simple moving average of $130.59 and a two-hundred day simple moving average of $151.11. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The company has a market cap of $4.06 billion, a price-to-earnings ratio of 67.68 and a beta of 1.42.

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