Novanta Inc. (NASDAQ:NOVT) Position Lessened by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC lowered its holdings in Novanta Inc. (NASDAQ:NOVT - Free Report) by 3.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 474,050 shares of the technology company's stock after selling 17,821 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 1.32% of Novanta worth $72,421,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. HighTower Advisors LLC acquired a new position in Novanta in the third quarter worth approximately $257,000. Barclays PLC grew its holdings in shares of Novanta by 215.1% in the 3rd quarter. Barclays PLC now owns 65,564 shares of the technology company's stock worth $11,731,000 after acquiring an additional 44,756 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Novanta during the third quarter worth $232,000. Tidal Investments LLC lifted its holdings in shares of Novanta by 61.8% during the third quarter. Tidal Investments LLC now owns 6,469 shares of the technology company's stock valued at $1,157,000 after purchasing an additional 2,471 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Novanta by 61.6% in the 3rd quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company's stock valued at $37,916,000 after purchasing an additional 81,942 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Novanta Stock Down 0.7 %

NASDAQ:NOVT traded down $0.81 during trading hours on Friday, hitting $119.74. 123,481 shares of the stock traded hands, compared to its average volume of 197,260. The firm has a 50 day moving average price of $128.43 and a 200 day moving average price of $149.85. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 71.70 and a beta of 1.42. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.12. 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 (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. During the same period in the prior year, the business earned $0.63 EPS. The business's revenue for the quarter was up 12.5% on a year-over-year basis. Equities research analysts anticipate 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.