Townsquare Capital LLC Sells 848 Shares of Novanta Inc. (NASDAQ:NOVT)

Townsquare Capital LLC trimmed its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 5.9% during the fourth quarter, HoldingsChannel reports. The firm owned 13,611 shares of the technology company’s stock after selling 848 shares during the quarter. Townsquare Capital LLC’s holdings in Novanta were worth $2,079,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in NOVT. Sanctuary Advisors LLC bought a new stake in shares of Novanta in the third quarter valued at $232,000. KBC Group NV increased its holdings in Novanta by 41.6% in the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock worth $229,000 after acquiring an additional 441 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in Novanta by 4.0% in the 4th 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 during the period. Proficio Capital Partners LLC bought a new stake in Novanta in the 4th quarter valued at about $5,298,000. Finally, Zions Bancorporation N.A. lifted its holdings in Novanta by 21.2% during the fourth quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company’s stock valued at $2,171,000 after purchasing an additional 2,486 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Novanta Trading Down 0.1 %

NASDAQ:NOVT opened at $114.02 on Thursday. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.12. The stock’s fifty day moving average price is $132.64 and its two-hundred day moving average price is $152.73. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The company has a market cap of $4.10 billion, a P/E ratio of 68.28 and a beta of 1.42.

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