California Public Employees Retirement System lessened its stake in shares of Novanta Inc. (NASDAQ:NOVT – Get Rating) by 0.3% during the second quarter, Holdings Channel.com reports. The fund owned 77,702 shares of the technology company’s stock after selling 236 shares during the period. California Public Employees Retirement System’s holdings in Novanta were worth $9,423,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. bought a new position in shares of Novanta in the 1st quarter valued at $25,000. Aaron Wealth Advisors LLC bought a new position in shares of Novanta in the 1st quarter valued at $77,000. Lazard Asset Management LLC increased its stake in shares of Novanta by 23.1% in the 1st quarter. Lazard Asset Management LLC now owns 976 shares of the technology company’s stock valued at $138,000 after purchasing an additional 183 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of Novanta by 227.3% in the 1st quarter. Captrust Financial Advisors now owns 1,545 shares of the technology company’s stock valued at $220,000 after purchasing an additional 1,073 shares during the last quarter. Finally, TownSquare Capital LLC bought a new position in shares of Novanta in the 2nd quarter valued at $224,000. Institutional investors own 99.96% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently issued reports on NOVT. StockNews.com began coverage on Novanta in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. TheStreet raised Novanta from a “c+” rating to a “b-” rating in a report on Friday, August 5th.
Insider Activity at Novanta
Novanta Trading Up 1.8 %
NASDAQ NOVT opened at $157.75 on Wednesday. The company has a quick ratio of 1.55, a current ratio of 2.58 and a debt-to-equity ratio of 0.81. Novanta Inc. has a twelve month low of $110.84 and a twelve month high of $177.50. The company has a market cap of $5.63 billion, a price-to-earnings ratio of 77.71 and a beta of 1.26. The business’s fifty day moving average is $131.63 and its 200 day moving average is $131.67.
Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
- Get a free copy of the StockNews.com research report on Novanta (NOVT)
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