Envestnet Portfolio Solutions Inc. Purchases 90 Shares of Novanta Inc. (NASDAQ:NOVT)

Envestnet Portfolio Solutions Inc. increased its position in Novanta Inc. (NASDAQ:NOVT) by 5.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,687 shares of the technology company’s stock after acquiring an additional 90 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Novanta were worth $258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of NOVT. WCM Investment Management LLC bought a new stake in shares of Novanta during the 4th quarter valued at about $15,104,000. Franklin Resources Inc. boosted its holdings in shares of Novanta by 61.6% in the third quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company’s stock worth $37,916,000 after buying an additional 81,942 shares during the last quarter. Geneva Capital Management LLC grew its position in Novanta by 9.3% during the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company’s stock valued at $130,257,000 after buying an additional 72,592 shares during the period. Telemark Asset Management LLC increased its holdings in Novanta by 60.0% during the fourth quarter. Telemark Asset Management LLC now owns 160,000 shares of the technology company’s stock valued at $24,443,000 after buying an additional 60,000 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Novanta by 8.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company’s stock worth $119,757,000 after acquiring an additional 58,631 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Novanta Stock Performance

Shares of NOVT opened at $129.08 on Friday. The business has a 50-day simple moving average of $142.91 and a two-hundred day simple moving average of $158.66. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 52 week low of $128.16 and a 52 week high of $187.12. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 77.29 and a beta of 1.34.

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

Analyst Ratings Changes

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

Novanta Company 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.