Granahan Investment Management LLC Decreases Stock Position in Novanta Inc. (NASDAQ:NOVT)

Granahan Investment Management LLC lessened its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 15.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,444 shares of the technology company’s stock after selling 4,302 shares during the period. Granahan Investment Management LLC owned 0.07% of Novanta worth $3,734,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC bought a new position in Novanta during the fourth quarter valued at approximately $26,000. Johnson Financial Group Inc. boosted its position in shares of Novanta by 482.1% during the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock valued at $49,000 after acquiring an additional 270 shares during the last quarter. Huntington National Bank grew its holdings in shares of Novanta by 53.6% in the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock valued at $66,000 after purchasing an additional 150 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Novanta in the fourth quarter worth $97,000. Finally, Venturi Wealth Management LLC raised its stake in Novanta by 6,500.0% during the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock valued at $111,000 after purchasing an additional 715 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analysts Set New Price Targets

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 report on Monday, March 3rd.

Novanta Trading Up 0.6 %

Shares of NOVT stock opened at $122.68 on Friday. The company has a market cap of $4.41 billion, a PE ratio of 73.46 and a beta of 1.51. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.12. The stock’s 50 day simple moving average is $123.66 and its two-hundred day simple moving average is $145.84. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.06. The business had revenue of $233.37 million for the quarter, compared to the consensus estimate of $233.34 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 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.74 earnings per share. Research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Novanta 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.