New Age Alpha Advisors LLC Buys Shares of 9,109 Novanta Inc. (NASDAQ:NOVT)

New Age Alpha Advisors LLC bought a new stake in Novanta Inc. (NASDAQ:NOVT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 9,109 shares of the technology company’s stock, valued at approximately $1,392,000.

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Novanta in the 4th quarter valued at $48,442,000. Blair William & Co. IL lifted its stake in shares of Novanta by 2.4% in the fourth quarter. Blair William & Co. IL now owns 448,434 shares of the technology company’s stock worth $68,507,000 after buying an additional 10,459 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Novanta by 1.0% during the fourth quarter. JPMorgan Chase & Co. now owns 657,137 shares of the technology company’s stock worth $100,391,000 after acquiring an additional 6,525 shares during the last quarter. Summitry LLC grew its stake in Novanta by 40.6% during the 4th quarter. Summitry LLC now owns 1,759 shares of the technology company’s stock valued at $269,000 after acquiring an additional 508 shares in the last quarter. Finally, Zions Bancorporation N.A. raised its holdings in Novanta by 21.2% in the 4th quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company’s stock valued at $2,171,000 after acquiring an additional 2,486 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Novanta Stock Performance

NASDAQ NOVT opened at $129.08 on Monday. Novanta Inc. has a fifty-two week low of $128.16 and a fifty-two week high of $187.12. The firm has a market capitalization of $4.64 billion, a P/E ratio of 77.29 and a beta of 1.34. The stock’s fifty day moving average is $142.91 and its two-hundred day moving average is $158.53. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm had revenue of $238.10 million during the quarter, compared to analyst estimates of $240.29 million. During the same quarter in the prior year, the firm posted $0.63 earnings per share. Novanta’s quarterly revenue was up 12.5% on a year-over-year basis. On average, research analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current year.

Novanta Company Profile

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.