Novanta Inc. (NASDAQ:NOVT) Shares Sold by Corient Private Wealth LLC

Corient Private Wealth LLC trimmed its holdings in Novanta Inc. (NASDAQ:NOVT) by 6.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,512 shares of the technology company’s stock after selling 167 shares during the period. Corient Private Wealth LLC’s holdings in Novanta were worth $384,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of NOVT. Envestnet Portfolio Solutions Inc. increased 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 purchasing an additional 90 shares during the last quarter. Telemark Asset Management LLC increased its stake in shares of Novanta by 60.0% in the 4th quarter. Telemark Asset Management LLC now owns 160,000 shares of the technology company’s stock worth $24,443,000 after acquiring an additional 60,000 shares during the last quarter. Swiss National Bank increased its stake in shares of Novanta by 0.7% in the 4th quarter. Swiss National Bank now owns 70,600 shares of the technology company’s stock worth $10,786,000 after acquiring an additional 500 shares during the last quarter. Wealth High Governance Capital Ltda purchased a new position in shares of Novanta during the 4th quarter worth $3,794,000. Finally, Wealthfront Advisers LLC acquired a new position in shares of Novanta during the 4th quarter valued at about $5,532,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird cut their price objective 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 Down 2.6 %

Shares of NASDAQ NOVT opened at $129.08 on Monday. The company has a market capitalization of $4.64 billion, a P/E ratio of 77.29 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 company has a 50 day simple moving average of $142.91 and a 200-day simple moving average of $158.53. Novanta Inc. has a 1 year low of $128.16 and a 1 year high of $187.12.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) 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 analysts’ expectations of $240.29 million. During the same quarter last year, the firm earned $0.63 earnings per share. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, equities research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current 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.