Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in Novanta Inc. (NASDAQ:NOVT)

Posted by Defense World Staff on Aug 17th, 2023

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Novanta Inc. (NASDAQ:NOVT – Free Report) by 6.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,611 shares of the technology company’s stock after purchasing an additional 327 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Novanta were worth $893,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOVT. Ellevest Inc. grew its holdings in shares of Novanta by 50.3% in the fourth quarter. Ellevest Inc. now owns 254 shares of the technology company’s stock valued at $35,000 after purchasing an additional 85 shares in the last quarter. Assetmark Inc. boosted its stake in Novanta by 29.9% during the fourth quarter. Assetmark Inc. now owns 369 shares of the technology company’s stock worth $50,000 after buying an additional 85 shares during the period. Point72 Middle East FZE purchased a new position in Novanta during the fourth quarter worth $57,000. UBS Group AG boosted its stake in Novanta by 85.7% during the third quarter. UBS Group AG now owns 544 shares of the technology company’s stock worth $63,000 after buying an additional 251 shares during the period. Finally, Heritage Wealth Management LLC boosted its stake in Novanta by 100.0% during the fourth quarter. Heritage Wealth Management LLC now owns 470 shares of the technology company’s stock worth $64,000 after buying an additional 235 shares during the period. 98.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on NOVT. Robert W. Baird lifted their price objective on shares of Novanta from $150.00 to $161.00 in a research note on Thursday, May 11th. StockNews.com began coverage on shares of Novanta in a research note on Thursday. They set a “hold” rating for the company.

Read Our Latest Analysis on NOVT

Novanta Stock Down 0.6 %

Shares of NOVT opened at $153.04 on Thursday. The firm has a market capitalization of $5.48 billion, a P/E ratio of 71.51 and a beta of 1.29. Novanta Inc. has a 12-month low of $111.02 and a 12-month high of $187.60. The company has a current ratio of 3.05, a quick ratio of 1.85 and a debt-to-equity ratio of 0.64. The firm has a fifty day moving average price of $172.49 and a 200-day moving average price of $163.21.

Novanta (NASDAQ:NOVT – Get Free Report) last issued its earnings results on Tuesday, August 8th. The technology company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.08. The firm had revenue of $229.46 million during the quarter, compared to analyst estimates of $225.50 million. Novanta had a net margin of 8.64% and a return on equity of 19.05%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.78 earnings per share. Equities research analysts expect that Novanta Inc. will post 3.06 earnings per share for the current year.

About Novanta

(Free Report)

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion in the United States and internationally. The company operates through three segments: Photonics, Vision, and Precision Motion. The Photonics segment offers photonics-based solutions, including laser scanning, beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.