Novanta Inc. $NOVT Stock Bought by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in Novanta Inc. (NASDAQ:NOVT) by 211.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,400 shares of the technology company’s stock after buying an additional 5,700 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Novanta were worth $1,194,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Pinnacle Wealth Planning Services Inc. raised its stake in Novanta by 29.5% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 303 shares of the technology company’s stock worth $43,000 after buying an additional 69 shares during the period. Moody Aldrich Partners LLC boosted its holdings in Novanta by 30.4% in the third quarter. Moody Aldrich Partners LLC now owns 21,726 shares of the technology company’s stock worth $3,089,000 after acquiring an additional 5,067 shares in the last quarter. Signaturefd LLC boosted its holdings in Novanta by 231.7% in the third quarter. Signaturefd LLC now owns 345 shares of the technology company’s stock worth $49,000 after acquiring an additional 241 shares in the last quarter. Gibbs Wealth Management grew its stake in Novanta by 5.7% in the third quarter. Gibbs Wealth Management now owns 12,328 shares of the technology company’s stock valued at $1,753,000 after acquiring an additional 662 shares during the period. Finally, Yousif Capital Management LLC grew its stake in Novanta by 11.2% in the third quarter. Yousif Capital Management LLC now owns 10,934 shares of the technology company’s stock valued at $1,555,000 after acquiring an additional 1,098 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Novanta in a report on Tuesday, October 13th. Zacks Research cut Novanta from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 6th. Wall Street Zen downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research report on Saturday, October 24th. Finally, Robert W. Baird set a $194.00 price target on shares of Novanta in a research note on Friday, August 7th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Novanta currently has a consensus rating of “Hold” and an average target price of $194.00.

Novanta Price Performance

Shares of NASDAQ NOVT opened at $145.23 on Thursday. Novanta Inc. has a fifty-two week low of $98.27 and a fifty-two week high of $176.38. The stock has a market cap of $5.49 billion, a price-to-earnings ratio of 93.10 and a beta of 1.71. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.79 and a current ratio of 4.57. The firm’s 50-day simple moving average is $142.61 and its 200 day simple moving average is $142.56.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. The firm had revenue of $265.81 million during the quarter, compared to analyst estimates of $262.30 million. Novanta had a return on equity of 10.83% and a net margin of 6.00%. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.76 EPS. As a group, research analysts anticipate that Novanta Inc. will post 3.70 earnings per share for the current fiscal year.

Novanta Profile

Novanta Inc is a technology company that develops and manufactures precision equipment and components used primarily in medical and advanced industrial applications. Its solutions are designed to support the movement, imaging, measurement and processing functions of complex equipment.

The company’s products include photonics and laser components, precision motion-control systems, medical imaging and visualization technologies, and equipment used in minimally invasive and robotic surgery.