Summit Creek Advisors LLC Takes Position in Novanta Inc. (NASDAQ:NOVT)

Summit Creek Advisors LLC purchased a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 46,467 shares of the technology company's stock, valued at approximately $7,099,000. Summit Creek Advisors LLC owned about 0.13% of Novanta as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in NOVT. Victory Capital Management Inc. grew its holdings in shares of Novanta by 13.1% during the third quarter. Victory Capital Management Inc. now owns 8,512 shares of the technology company's stock valued at $1,523,000 after buying an additional 986 shares during the last quarter. Pathstone Holdings LLC increased its holdings in Novanta by 1.2% in the 3rd quarter. Pathstone Holdings LLC now owns 25,827 shares of the technology company's stock worth $4,621,000 after buying an additional 295 shares during the period. Intech Investment Management LLC purchased a new position in Novanta during the 3rd quarter worth approximately $948,000. Charles Schwab Investment Management Inc. lifted its stake in Novanta by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company's stock valued at $78,616,000 after acquiring an additional 4,271 shares during the period. Finally, Citigroup Inc. boosted its holdings in shares of Novanta by 179.9% in the 3rd quarter. Citigroup Inc. now owns 34,003 shares of the technology company's stock valued at $6,084,000 after acquiring an additional 21,854 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

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Novanta Stock Performance

Novanta stock traded down $3.45 during midday trading on Friday, hitting $129.08. 231,493 shares of the company were exchanged, compared to its average volume of 173,156. The business has a fifty day simple moving average of $142.91 and a two-hundred day simple moving average of $158.66. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The firm has a market capitalization of $4.64 billion, a PE ratio of 77.29 and a beta of 1.34. Novanta Inc. has a fifty-two week low of $128.16 and a fifty-two week high of $187.12.

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, sell-side analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.