34,679 Shares in Novanta Inc. (NASDAQ:NOVT) Acquired by Proficio Capital Partners LLC

Proficio Capital Partners LLC purchased a new position in shares of Novanta Inc. (NASDAQ:NOVT) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 34,679 shares of the technology company’s stock, valued at approximately $5,298,000. Proficio Capital Partners LLC owned about 0.10% of Novanta at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its holdings in Novanta by 2.0% during the 3rd quarter. State Street Corp now owns 1,298,419 shares of the technology company’s stock worth $232,313,000 after purchasing an additional 24,929 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Novanta by 8.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company’s stock worth $119,757,000 after purchasing an additional 58,631 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Novanta by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company’s stock worth $78,616,000 after purchasing an additional 4,271 shares during the last quarter. Loomis Sayles & Co. L P lifted its holdings in Novanta by 2.1% during the 3rd quarter. Loomis Sayles & Co. L P now owns 289,473 shares of the technology company’s stock worth $51,792,000 after purchasing an additional 6,019 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Novanta by 61.6% during the 3rd quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company’s stock worth $37,916,000 after purchasing an additional 81,942 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their price target on Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a report on Monday, March 3rd.

Novanta Price Performance

Shares of NASDAQ NOVT opened at $136.07 on Monday. The stock has a market capitalization of $4.89 billion, a PE ratio of 81.48 and a beta of 1.34. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The business has a fifty day moving average price of $145.79 and a two-hundred day moving average price of $161.28. Novanta Inc. has a fifty-two week low of $133.17 and a fifty-two week high of $187.12.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The firm had revenue of $238.10 million during the quarter, compared to analysts’ expectations of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 EPS. As a group, equities analysts predict that Novanta Inc. will post 3.03 earnings per share 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.