Novanta Inc. (NASDAQ:NOVT) Shares Sold by Cynosure Group LLC

Cynosure Group LLC decreased its position in shares of Novanta Inc. (NASDAQ:NOVT) by 13.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,969 shares of the technology company’s stock after selling 297 shares during the quarter. Cynosure Group LLC’s holdings in Novanta were worth $301,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Arizona State Retirement System grew its stake in Novanta by 0.7% during the 4th quarter. Arizona State Retirement System now owns 10,412 shares of the technology company’s stock worth $1,591,000 after buying an additional 76 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Novanta by 5.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company’s stock valued at $258,000 after acquiring an additional 90 shares during the period. Huntington National Bank grew its position in shares of Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after acquiring an additional 150 shares during the last quarter. M&T Bank Corp increased its holdings in shares of Novanta by 4.5% in the 3rd quarter. M&T Bank Corp now owns 3,619 shares of the technology company’s stock valued at $647,000 after acquiring an additional 155 shares during the period. Finally, Empowered Funds LLC purchased a new stake in Novanta in the 4th quarter valued at $26,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

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

Novanta Stock Performance

Shares of NOVT stock opened at $128.65 on Thursday. The stock’s 50-day moving average price is $141.56 and its 200 day moving average price is $157.73. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $4.63 billion, a PE ratio of 77.04 and a beta of 1.42. Novanta Inc. has a 52-week low of $125.42 and a 52-week high of $187.12.

Novanta (NASDAQ:NOVT) last released 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. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. During the same quarter in the previous year, the company posted $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 research analysts forecast that Novanta Inc. will post 3.03 EPS for the current year.

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.