Navellier & Associates Inc Purchases New Stake in Novanta Inc (NOVT)

Navellier & Associates Inc purchased a new position in shares of Novanta Inc (NASDAQ:NOVT) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 36,200 shares of the technology company’s stock, valued at approximately $1,888,000. Navellier & Associates Inc owned approximately 0.10% of Novanta at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its position in shares of Novanta by 25.5% during the fourth quarter. Wells Fargo & Company MN now owns 2,302,770 shares of the technology company’s stock worth $115,139,000 after buying an additional 467,585 shares in the last quarter. BlackRock Inc. grew its position in shares of Novanta by 1.4% during the first quarter. BlackRock Inc. now owns 2,047,772 shares of the technology company’s stock worth $106,792,000 after buying an additional 27,352 shares in the last quarter. Neuberger Berman Group LLC grew its position in shares of Novanta by 22.9% during the first quarter. Neuberger Berman Group LLC now owns 1,317,701 shares of the technology company’s stock worth $68,718,000 after buying an additional 245,115 shares in the last quarter. Paradice Investment Management LLC grew its position in shares of Novanta by 2.0% during the first quarter. Paradice Investment Management LLC now owns 1,288,517 shares of the technology company’s stock worth $67,196,000 after buying an additional 24,686 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Novanta by 11.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,117,700 shares of the technology company’s stock worth $55,885,000 after buying an additional 115,100 shares in the last quarter. 82.74% of the stock is owned by institutional investors and hedge funds.

A number of research firms have recently weighed in on NOVT. BidaskClub raised shares of Novanta from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 5th. Zacks Investment Research raised shares of Novanta from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Friday, May 11th. Finally, Robert W. Baird downgraded shares of Novanta from an “outperform” rating to a “neutral” rating and set a $54.00 price target for the company. in a research report on Wednesday, May 9th.

NOVT stock opened at $64.70 on Thursday. Novanta Inc has a twelve month low of $35.00 and a twelve month high of $68.00. The company has a market cap of $2.22 billion, a PE ratio of 40.44 and a beta of 1.50. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.25 and a quick ratio of 2.18.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, May 8th. The technology company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.07. Novanta had a return on equity of 20.02% and a net margin of 5.14%. The business had revenue of $147.00 million during the quarter, compared to analyst estimates of $139.55 million. During the same period in the prior year, the company earned $0.31 earnings per share. Novanta’s revenue was up 34.9% compared to the same quarter last year. analysts anticipate that Novanta Inc will post 1.99 EPS for the current year.

Novanta Profile

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 laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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