William Blair Investment Management LLC Buys 11,361 Shares of Novanta Inc. (NASDAQ:NOVT)

William Blair Investment Management LLC lifted its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 1.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 975,841 shares of the technology company's stock after acquiring an additional 11,361 shares during the quarter. William Blair Investment Management LLC owned 2.72% of Novanta worth $149,079,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of NOVT. Victory Capital Management Inc. grew its stake in Novanta by 13.1% in the 3rd quarter. Victory Capital Management Inc. now owns 8,512 shares of the technology company's stock valued at $1,523,000 after purchasing an additional 986 shares during the period. KBC Group NV grew its position in Novanta by 14.9% during the third quarter. KBC Group NV now owns 1,059 shares of the technology company's stock valued at $189,000 after buying an additional 137 shares during the period. Natixis Advisors LLC increased its holdings in Novanta by 1.7% during the third quarter. Natixis Advisors LLC now owns 25,957 shares of the technology company's stock worth $4,644,000 after buying an additional 434 shares during the last quarter. Mutual of America Capital Management LLC increased its holdings in Novanta by 1.5% during the third quarter. Mutual of America Capital Management LLC now owns 43,241 shares of the technology company's stock worth $7,737,000 after buying an additional 648 shares during the last quarter. Finally, Chesapeake Capital Corp IL bought a new stake in Novanta in the third quarter worth about $435,000. 98.35% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

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 research report on Monday, March 3rd.

Novanta Stock Performance

NASDAQ NOVT traded down $0.69 on Friday, hitting $133.52. 565,318 shares of the stock traded hands, compared to its average volume of 166,398. 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 business's fifty day moving average is $144.59 and its two-hundred day moving average is $160.29. Novanta Inc. has a 12 month low of $131.03 and a 12 month high of $187.12. The firm has a market capitalization of $4.80 billion, a price-to-earnings ratio of 79.95 and a beta of 1.34.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly 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. 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 quarter in the prior year, the company earned $0.63 EPS. The firm's quarterly revenue was up 12.5% compared to the same quarter last year. As a group, equities analysts anticipate 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.