Wells Fargo & Company MN Grows Stock Position in Novanta Inc. (NASDAQ:NOVT)

Wells Fargo & Company MN increased its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 68,803 shares of the technology company's stock after purchasing an additional 5,820 shares during the quarter. Wells Fargo & Company MN owned 0.19% of Novanta worth $10,511,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOVT. Nicolet Advisory Services LLC increased its position in shares of Novanta by 30.3% in the fourth quarter. Nicolet Advisory Services LLC now owns 3,260 shares of the technology company's stock valued at $481,000 after buying an additional 758 shares in the last quarter. Bryce Point Capital LLC purchased a new position in Novanta during the 4th quarter valued at about $1,830,000. Huntington National Bank raised its position in Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company's stock worth $66,000 after acquiring an additional 150 shares during the last quarter. Headlands Technologies LLC lifted its holdings in shares of Novanta by 1,118.5% in the fourth quarter. Headlands Technologies LLC now owns 5,934 shares of the technology company's stock valued at $907,000 after purchasing an additional 5,447 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Novanta by 6.2% in the fourth quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company's stock valued at $153,515,000 after purchasing an additional 58,864 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Novanta Price Performance

Shares of NASDAQ:NOVT traded up $2.28 on Tuesday, hitting $112.82. The company had a trading volume of 234,243 shares, compared to its average volume of 196,584. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The company has a market cap of $4.06 billion, a PE ratio of 67.56 and a beta of 1.42. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $187.12. The business has a 50 day moving average of $129.92 and a 200 day moving average of $150.85.

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

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.