Novanta Inc. (NASDAQ:NOVT) Holdings Reduced by Neuberger Berman Group LLC

Neuberger Berman Group LLC decreased its position in Novanta Inc. (NASDAQ:NOVT) by 16.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 740,873 shares of the technology company’s stock after selling 142,093 shares during the period. Neuberger Berman Group LLC owned approximately 2.06% of Novanta worth $113,183,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. KBC Group NV boosted its holdings in shares of Novanta by 41.6% in the fourth quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock valued at $229,000 after acquiring an additional 441 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Novanta in the third quarter valued at approximately $232,000. Exchange Traded Concepts LLC boosted its holdings in shares of Novanta by 4.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company’s stock valued at $18,419,000 after acquiring an additional 4,648 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Novanta in the fourth quarter valued at approximately $5,298,000. Finally, Zions Bancorporation N.A. boosted its holdings in shares of Novanta by 21.2% in the fourth 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 in the last quarter. Institutional investors own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Novanta Trading Up 14.8 %

Shares of NASDAQ:NOVT opened at $117.84 on Thursday. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $187.12. The firm has a fifty day moving average of $136.10 and a two-hundred day moving average of $154.75. The firm has a market capitalization of $4.24 billion, a P/E ratio of 70.56 and a beta of 1.42.

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

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.