Envestnet Asset Management Inc. Sells 1,644 Shares of Novanta Inc. (NASDAQ:NOVT)

Envestnet Asset Management Inc. cut its holdings in Novanta Inc. (NASDAQ:NOVT – Get Rating) by 4.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 37,901 shares of the technology company’s stock after selling 1,644 shares during the period. Envestnet Asset Management Inc. owned 0.11% of Novanta worth $5,150,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. PNC Financial Services Group Inc. increased its stake in Novanta by 33.4% during the first quarter. PNC Financial Services Group Inc. now owns 3,602 shares of the technology company’s stock valued at $512,000 after acquiring an additional 901 shares during the period. MetLife Investment Management LLC boosted its holdings in Novanta by 49.1% during the first quarter. MetLife Investment Management LLC now owns 18,484 shares of the technology company’s stock valued at $2,630,000 after purchasing an additional 6,085 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in Novanta by 26.5% during the first quarter. Raymond James Trust N.A. now owns 1,904 shares of the technology company’s stock valued at $271,000 after purchasing an additional 399 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in Novanta by 15.6% during the first quarter. Baird Financial Group Inc. now owns 3,090 shares of the technology company’s stock valued at $440,000 after purchasing an additional 418 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in Novanta by 23.1% during the first 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 in the last quarter. 97.55% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on NOVT shares. Robert W. Baird lifted their price objective on Novanta from $150.00 to $161.00 in a report on Thursday. StockNews.com raised Novanta from a “hold” rating to a “buy” rating in a report on Friday.

Novanta Stock Down 1.8 %

Shares of NOVT opened at $161.37 on Friday. The company has a market capitalization of $5.78 billion, a P/E ratio of 77.96 and a beta of 1.30. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.56 and a quick ratio of 1.53. Novanta Inc. has a one year low of $110.84 and a one year high of $173.10. The business’s 50 day simple moving average is $154.17 and its 200-day simple moving average is $151.95.

Novanta (NASDAQ:NOVT – Get Rating) last announced its earnings results on Tuesday, May 9th. The technology company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.64 by $0.10. The business had revenue of $219.10 million for the quarter, compared to the consensus estimate of $211.22 million. Novanta had a return on equity of 20.18% and a net margin of 8.60%. Novanta’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 EPS. As a group, sell-side analysts predict that Novanta Inc. will post 3.08 EPS for the current fiscal year.

Novanta Company Profile

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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.