Wealthfront Advisers LLC Invests $5.53 Million in Novanta Inc. (NASDAQ:NOVT)

Wealthfront Advisers LLC bought a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 36,209 shares of the technology company's stock, valued at approximately $5,532,000. Wealthfront Advisers LLC owned about 0.10% of Novanta at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in NOVT. Empowered Funds LLC acquired a new position in Novanta in the fourth quarter valued at approximately $26,000. SBI Securities Co. Ltd. acquired a new position in Novanta in the fourth quarter valued at approximately $97,000. Venturi Wealth Management LLC lifted its holdings in Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after acquiring an additional 715 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Novanta by 28.4% in the third quarter. Van ECK Associates Corp now owns 963 shares of the technology company's stock valued at $166,000 after acquiring an additional 213 shares during the last quarter. Finally, KBC Group NV lifted 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 acquiring an additional 137 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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Novanta Trading Down 0.4 %

NASDAQ NOVT traded down $0.50 on Thursday, reaching $134.47. The stock had a trading volume of 202,441 shares, compared to its average volume of 163,848. The firm has a market capitalization of $4.84 billion, a price-to-earnings ratio of 80.52 and a beta of 1.34. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12-month low of $132.89 and a 12-month high of $187.12. The stock has a fifty day moving average price of $146.43 and a two-hundred day moving average price of $162.07.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. The company 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 quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.63 earnings per share. As a group, sell-side analysts forecast that Novanta Inc. will post 3.03 EPS 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.