Geode Capital Management LLC Purchases 21,983 Shares of Novanta Inc. (NASDAQ:NOVT)

Posted by on Jun 9th, 2023

Geode Capital Management LLC boosted its holdings in shares of Novanta Inc. (NASDAQ:NOVT – Get Rating) by 3.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 667,862 shares of the technology company’s stock after acquiring an additional 21,983 shares during the period. Geode Capital Management LLC owned about 1.87% of Novanta worth $90,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. GHP Investment Advisors Inc. purchased a new stake in Novanta during the third quarter worth $32,000. Ellevest Inc. lifted its stake in shares of Novanta by 50.3% during the 4th quarter. Ellevest Inc. now owns 254 shares of the technology company’s stock worth $35,000 after purchasing an additional 85 shares during the last quarter. Assetmark Inc. boosted its position in Novanta by 29.9% during the fourth quarter. Assetmark Inc. now owns 369 shares of the technology company’s stock valued at $50,000 after purchasing an additional 85 shares in the last quarter. UBS Group AG grew its stake in Novanta by 85.7% in the third quarter. UBS Group AG now owns 544 shares of the technology company’s stock valued at $63,000 after purchasing an additional 251 shares during the last quarter. Finally, Point72 Hong Kong Ltd raised its holdings in Novanta by 350.6% in the third quarter. Point72 Hong Kong Ltd now owns 793 shares of the technology company’s stock worth $92,000 after purchasing an additional 617 shares in the last quarter. Institutional investors own 97.55% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. StockNews.com lowered shares of Novanta from a “buy” rating to a “hold” rating in a research note on Saturday, May 20th. Robert W. Baird raised their price objective on Novanta from $150.00 to $161.00 in a research report on Thursday, May 11th.

Novanta Stock Performance

NOVT opened at $168.31 on Friday. The company has a market cap of $6.03 billion, a P/E ratio of 82.10 and a beta of 1.29. Novanta Inc. has a 52-week low of $110.84 and a 52-week high of $173.10. The company has a quick ratio of 1.67, a current ratio of 2.84 and a debt-to-equity ratio of 0.70. The firm’s 50-day moving average price is $160.18 and its 200-day moving average price is $154.60.

Novanta (NASDAQ:NOVT – Get Rating) last released its earnings results on Tuesday, May 9th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.10. Novanta had a return on equity of 19.70% and a net margin of 8.39%. The firm had revenue of $219.10 million for the quarter, compared to the consensus estimate of $211.22 million. During the same period in the prior year, the firm earned $0.73 EPS. The firm’s revenue was up 7.3% on a year-over-year basis. As a group, equities analysts anticipate that Novanta Inc. will post 3.1 EPS for the current fiscal year.

About Novanta

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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.

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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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