Allspring Global Investments Holdings LLC Purchases 58,631 Shares of Novanta Inc. (NASDAQ:NOVT)

Allspring Global Investments Holdings LLC lifted its position in Novanta Inc. (NASDAQ:NOVT) by 8.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 793,359 shares of the technology company’s stock after acquiring an additional 58,631 shares during the period. Allspring Global Investments Holdings LLC owned 2.21% of Novanta worth $119,757,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in NOVT. Empowered Funds LLC bought a new stake in Novanta during the fourth quarter worth about $26,000. GAMMA Investing LLC lifted its holdings in shares of Novanta by 33.1% during the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after purchasing an additional 59 shares during the last quarter. GHP Investment Advisors Inc. bought a new stake in shares of Novanta in the 3rd quarter worth approximately $49,000. nVerses Capital LLC purchased a new stake in shares of Novanta in the 3rd quarter worth approximately $54,000. Finally, Van ECK Associates Corp increased its position in Novanta by 28.4% during the 3rd quarter. Van ECK Associates Corp now owns 963 shares of the technology company’s stock valued at $166,000 after buying an additional 213 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Novanta Stock Performance

Shares of NOVT stock opened at $147.76 on Thursday. The company has a market capitalization of $5.31 billion, a price-to-earnings ratio of 88.48 and a beta of 1.28. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. Novanta Inc. has a one year low of $142.81 and a one year high of $187.12. The company’s 50-day moving average is $153.77 and its 200 day moving average is $166.74.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird dropped their target price on Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th.

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.