Wasatch Advisors LP Sells 9,479 Shares of Novanta Inc. (NASDAQ:NOVT)

Wasatch Advisors LP reduced its position in Novanta Inc. (NASDAQ:NOVT) by 0.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 996,832 shares of the technology company’s stock after selling 9,479 shares during the period. Wasatch Advisors LP owned about 2.78% of Novanta worth $152,286,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of NOVT. Sanctuary Advisors LLC acquired a new stake in shares of Novanta in the third quarter valued at approximately $232,000. KBC Group NV lifted its holdings in Novanta by 41.6% during the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock valued at $229,000 after purchasing an additional 441 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in Novanta by 4.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company’s stock worth $18,419,000 after purchasing an additional 4,648 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Novanta in the fourth quarter valued at $5,298,000. Finally, Zions Bancorporation N.A. increased its holdings in shares of Novanta by 21.2% in the fourth quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company’s stock valued at $2,171,000 after purchasing an additional 2,486 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

Novanta Price Performance

Novanta stock opened at $114.09 on Wednesday. The company has a market capitalization of $4.10 billion, a price-to-earnings ratio of 68.32 and a beta of 1.42. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $187.12. The stock’s 50 day moving average is $133.29 and its 200-day moving average is $153.00.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $238.10 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 EPS. Equities research analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Analyst Upgrades and Downgrades

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.

Novanta 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.