Novanta Inc. (NASDAQ:NOVT) Shares Sold by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC trimmed its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 12.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,411 shares of the technology company's stock after selling 2,968 shares during the quarter. Essex Investment Management Co. LLC owned about 0.06% of Novanta worth $3,118,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOVT. Empowered Funds LLC purchased a new position in Novanta during the 4th quarter worth approximately $26,000. SBI Securities Co. Ltd. acquired a new stake in shares of Novanta in the fourth quarter worth $97,000. Venturi Wealth Management LLC raised its holdings in shares of Novanta by 6,500.0% during the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock worth $111,000 after purchasing an additional 715 shares during the last quarter. Van ECK Associates Corp lifted its position in Novanta by 28.4% during the third quarter. Van ECK Associates Corp now owns 963 shares of the technology company's stock valued at $166,000 after purchasing an additional 213 shares during the period. Finally, KBC Group NV boosted its holdings in 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 last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Performance

NOVT stock traded down $0.50 during trading on Thursday, hitting $134.47. 202,441 shares of the company traded hands, compared to its average volume of 163,743. Novanta Inc. has a 1 year low of $132.89 and a 1 year high of $187.12. The company has a market cap of $4.84 billion, a PE ratio of 80.52 and a beta of 1.34. The stock's 50-day simple moving average is $146.43 and its 200 day simple moving average is $162.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

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Novanta (NASDAQ:NOVT - Get Free Report) last posted its 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 firm had revenue of $238.10 million during the quarter, compared to analyst estimates of $240.29 million. During the same period in the previous year, the firm earned $0.63 EPS. The business's quarterly revenue was up 12.5% on a year-over-year basis. On average, equities analysts expect that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Novanta Company 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.