Proficio Capital Partners LLC Acquires New Holdings in Novanta Inc. (NASDAQ:NOVT)

Proficio Capital Partners LLC purchased a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 34,679 shares of the technology company's stock, valued at approximately $5,298,000. Proficio Capital Partners LLC owned 0.10% of Novanta at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in NOVT. Empowered Funds LLC acquired a new position in shares of Novanta in the 4th quarter valued at approximately $26,000. Venturi Wealth Management LLC raised its stake in shares of Novanta by 6,500.0% in the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after purchasing an additional 715 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Novanta by 28.4% during the 3rd quarter. Van ECK Associates Corp now owns 963 shares of the technology company's stock worth $166,000 after buying an additional 213 shares during the last quarter. KBC Group NV grew its position in shares of Novanta by 14.9% in the 3rd quarter. KBC Group NV now owns 1,059 shares of the technology company's stock worth $189,000 after acquiring an additional 137 shares in the last quarter. Finally, Associated Banc Corp bought a new stake in shares of Novanta in the 3rd quarter valued at approximately $209,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Performance

Shares of NASDAQ:NOVT traded up $1.02 during trading on Friday, hitting $142.99. 189,280 shares of the company traded hands, compared to its average volume of 161,414. The stock has a market capitalization of $5.14 billion, a price-to-earnings ratio of 85.62 and a beta of 1.34. Novanta Inc. has a one year low of $136.02 and a one year 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 business's fifty day moving average is $147.58 and its 200-day moving average is $163.38.

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

Analyst Upgrades and Downgrades

Separately, Robert W. Baird dropped their target price on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a report on Monday.

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.