51,717 Shares in Novanta Inc. (NASDAQ:NOVT) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. bought a new position in Novanta Inc. (NASDAQ:NOVT) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 51,717 shares of the technology company’s stock, valued at approximately $7,901,000.

Several other hedge funds have also modified their holdings of the stock. Arizona State Retirement System lifted its position in Novanta by 0.7% during the fourth quarter. Arizona State Retirement System now owns 10,412 shares of the technology company’s stock valued at $1,591,000 after buying an additional 76 shares in the last quarter. Nicolet Advisory Services LLC lifted its position in shares of Novanta by 5.9% during the third quarter. Nicolet Advisory Services LLC now owns 2,502 shares of the technology company’s stock worth $430,000 after purchasing an additional 139 shares in the last quarter. M&T Bank Corp lifted its position in shares of Novanta by 4.5% during the third quarter. M&T Bank Corp now owns 3,619 shares of the technology company’s stock worth $647,000 after purchasing an additional 155 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Novanta during the fourth quarter worth $26,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Novanta by 3.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,147 shares of the technology company’s stock worth $1,458,000 after purchasing an additional 249 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Novanta Trading Down 0.5 %

NASDAQ NOVT opened at $133.52 on Friday. The company’s fifty day simple moving average is $144.31 and its 200-day simple moving average is $159.85. Novanta Inc. has a 52 week low of $131.03 and a 52 week high of $187.12. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The stock has a market cap of $4.80 billion, a P/E ratio of 79.95 and a beta of 1.34.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $238.10 million for the quarter, compared to analysts’ expectations of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.63 earnings per share. Equities research analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Robert W. Baird reduced their target price on shares of Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd.

About Novanta

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.