Neuberger Berman Group LLC Sells 142,093 Shares of Novanta Inc. (NASDAQ:NOVT)

Neuberger Berman Group LLC reduced its position in Novanta Inc. (NASDAQ:NOVT) by 16.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 740,873 shares of the technology company’s stock after selling 142,093 shares during the quarter. Neuberger Berman Group LLC’s holdings in Novanta were worth $113,183,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Arizona State Retirement System grew its stake in shares of Novanta by 0.7% in the 4th quarter. Arizona State Retirement System now owns 10,412 shares of the technology company’s stock worth $1,591,000 after acquiring an additional 76 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Novanta by 5.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company’s stock valued at $258,000 after acquiring an additional 90 shares in the last quarter. Huntington National Bank boosted its holdings in shares of Novanta by 53.6% during the 4th quarter. Huntington National Bank now owns 430 shares of the technology company’s stock valued at $66,000 after buying an additional 150 shares in the last quarter. M&T Bank Corp raised its position in Novanta by 4.5% in the 3rd quarter. M&T Bank Corp now owns 3,619 shares of the technology company’s stock worth $647,000 after buying an additional 155 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of Novanta during the 4th quarter valued at about $26,000. 98.35% of the stock is owned by institutional investors.

Novanta Stock Up 14.8 %

Shares of NOVT stock opened at $117.84 on Thursday. The stock has a market cap of $4.24 billion, a P/E ratio of 70.56 and a beta of 1.42. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $187.12. The stock has a 50 day moving average of $136.10 and a 200 day moving average of $154.75. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last posted 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 firm had revenue of $238.10 million for the quarter, compared to the consensus estimate of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company’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. As a group, sell-side analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.