Novanta Inc. (NASDAQ:NOVT) Shares Sold by Raymond James & Associates

Raymond James & Associates trimmed its position in shares of Novanta Inc. (NASDAQ:NOVT – Get Rating) by 2.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 48,684 shares of the technology company’s stock after selling 1,253 shares during the quarter. Raymond James & Associates’ holdings in Novanta were worth $6,615,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in NOVT. BlackRock Inc. increased its position in shares of Novanta by 59.4% during the third quarter. BlackRock Inc. now owns 4,076,115 shares of the technology company’s stock worth $471,404,000 after purchasing an additional 1,518,242 shares in the last quarter. State Street Corp increased its position in shares of Novanta by 56.2% during the third quarter. State Street Corp now owns 1,127,590 shares of the technology company’s stock worth $130,406,000 after purchasing an additional 405,731 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Novanta by 130.6% during the third quarter. Bank of New York Mellon Corp now owns 361,354 shares of the technology company’s stock worth $41,791,000 after purchasing an additional 204,681 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Novanta by 1,507.5% during the fourth quarter. Exchange Traded Concepts LLC now owns 123,581 shares of the technology company’s stock worth $16,791,000 after purchasing an additional 115,893 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Novanta by 3.0% during the third quarter. Vanguard Group Inc. now owns 3,395,330 shares of the technology company’s stock worth $392,670,000 after purchasing an additional 100,437 shares in the last quarter. 97.55% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Stock Down 0.9 %

Shares of NASDAQ:NOVT opened at $166.37 on Friday. The company has a quick ratio of 1.67, a current ratio of 2.84 and a debt-to-equity ratio of 0.70. The business has a fifty day moving average of $155.89 and a two-hundred day moving average of $152.89. The stock has a market cap of $5.96 billion, a P/E ratio of 81.16 and a beta of 1.30. Novanta Inc. has a 52-week low of $110.84 and a 52-week high of $173.10.

Novanta (NASDAQ:NOVT – Get Rating) last released its quarterly earnings results on Tuesday, May 9th. The technology company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.10. The business had revenue of $219.10 million during the quarter, compared to analysts’ expectations of $211.22 million. Novanta had a return on equity of 19.70% and a net margin of 8.39%. The company’s revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.73 EPS. On average, research analysts expect that Novanta Inc. will post 3.1 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently commented on the company. Robert W. Baird boosted their price target on Novanta from $150.00 to $161.00 in a research report on Thursday, May 11th. StockNews.com cut Novanta from a “buy” rating to a “hold” rating in a report on Saturday.

About Novanta

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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.