Pinebridge Investments L.P. Buys 4,293 Shares of Novanta Inc. (NASDAQ:NOVT)

Pinebridge Investments L.P. raised its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 42.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,354 shares of the technology company's stock after buying an additional 4,293 shares during the period. Pinebridge Investments L.P.'s holdings in Novanta were worth $2,193,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Novanta by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company's stock worth $629,997,000 after purchasing an additional 62,585 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in 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 buying an additional 58,864 shares during the period. 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 acquiring an additional 11,361 shares during the last quarter. Geneva Capital Management LLC grew its holdings in Novanta by 9.3% during the 4th quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock worth $130,257,000 after acquiring an additional 72,592 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Novanta by 8.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company's stock worth $119,757,000 after acquiring an additional 58,631 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Down 0.7 %

Shares of NASDAQ NOVT opened at $119.74 on Monday. Novanta Inc. has a 12-month low of $98.76 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 has a market cap of $4.31 billion, a PE ratio of 71.70 and a beta of 1.42. The company's fifty day simple moving average is $128.43 and its 200 day simple moving average is $149.53.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, beating 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 company had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. During the same period last year, the business 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, sell-side analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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 report 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.

Want to see what other hedge funds are holding NOVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Novanta Inc. (NASDAQ:NOVT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.