Legato Capital Management LLC Has $933,000 Stock Position in Novanta Inc. (NASDAQ:NOVT)

Legato Capital Management LLC cut its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 23.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,106 shares of the technology company's stock after selling 1,828 shares during the period. Legato Capital Management LLC's holdings in Novanta were worth $933,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in NOVT. GAMMA Investing LLC increased its holdings in shares of Novanta by 33.1% in the 3rd quarter. GAMMA Investing LLC now owns 237 shares of the technology company's stock worth $42,000 after acquiring an additional 59 shares during the period. KBC Group NV increased its stake in shares of Novanta by 14.9% in the third quarter. KBC Group NV now owns 1,059 shares of the technology company's stock valued at $189,000 after purchasing an additional 137 shares during the period. Nicolet Advisory Services LLC raised its holdings in shares of Novanta by 5.9% during the third quarter. Nicolet Advisory Services LLC now owns 2,502 shares of the technology company's stock valued at $430,000 after buying an additional 139 shares during the last quarter. M&T Bank Corp boosted its position in shares of Novanta by 4.5% during the third quarter. M&T Bank Corp now owns 3,619 shares of the technology company's stock worth $647,000 after buying an additional 155 shares during the period. Finally, Empowered Funds LLC bought a new position in Novanta in the 4th quarter worth approximately $26,000. 98.35% of the stock is currently owned by institutional investors.

Novanta Price Performance

NASDAQ NOVT traded down $3.21 on Monday, reaching $143.17. 202,662 shares of the stock traded hands, compared to its average volume of 189,565. Novanta Inc. has a 12 month low of $142.81 and a 12 month 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. The firm's fifty day simple moving average is $152.01 and its 200 day simple moving average is $165.82. The company has a market cap of $5.14 billion, a price-to-earnings ratio of 85.73 and a beta of 1.28.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird cut their target price on Novanta from $175.00 to $169.00 and set a "neutral" rating on the stock in a research note on Wednesday, November 6th.

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.