Prudential Financial Inc. Sells 5,166 Shares of Novanta Inc. (NASDAQ:NOVT)

Prudential Financial Inc. lessened its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 60.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,439 shares of the technology company's stock after selling 5,166 shares during the period. Prudential Financial Inc.'s holdings in Novanta were worth $576,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Empowered Funds LLC bought a new position in Novanta during the 4th quarter worth $26,000. SBI Securities Co. Ltd. bought a new stake in Novanta during the fourth quarter worth about $97,000. Venturi Wealth Management LLC grew its stake in 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 buying an additional 715 shares in the last quarter. KBC Group NV increased its holdings in Novanta by 41.6% in the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company's stock valued at $229,000 after buying an additional 441 shares during the period. Finally, Sanctuary Advisors LLC acquired a new position in shares of Novanta in the 3rd quarter valued at approximately $232,000. 98.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

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Novanta Price Performance

NOVT stock traded up $1.39 during trading on Friday, reaching $112.39. 412,445 shares of the company were exchanged, compared to its average volume of 192,768. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of 67.30 and a beta of 1.42. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The company has a 50-day moving average of $134.67 and a two-hundred day moving average of $153.70. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping 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 company had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. During the same period in the prior year, the business earned $0.63 earnings per share. The company's revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, equities analysts predict that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

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.