JPMorgan Chase & Co. Raises Stock Position in Novanta Inc. (NASDAQ:NOVT)

JPMorgan Chase & Co. boosted its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 1.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 657,137 shares of the technology company's stock after buying an additional 6,525 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.83% of Novanta worth $100,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Novanta by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company's stock valued at $629,997,000 after purchasing an additional 62,585 shares in the last quarter. State Street Corp lifted its stake in Novanta by 2.0% in the third quarter. State Street Corp now owns 1,298,419 shares of the technology company's stock worth $232,313,000 after purchasing an additional 24,929 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 buying an additional 11,361 shares during the period. Geneva Capital Management LLC boosted its position in Novanta by 9.3% during the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock valued at $130,257,000 after buying an additional 72,592 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Novanta by 8.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company's stock valued at $119,757,000 after buying an additional 58,631 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

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Novanta Trading Up 0.8 %

Shares of NASDAQ:NOVT traded up $0.88 during trading on Monday, reaching $105.00. 1,040,135 shares of the company traded hands, compared to its average volume of 184,660. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $187.12. The business's fifty day moving average is $139.17 and its 200-day moving average is $156.30. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 62.87 and a beta of 1.42.

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

Analysts Set New Price Targets

Separately, Robert W. Baird lowered 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.

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.