Oppenheimer Asset Management Inc. Has $2.90 Million Stock Position in Novanta Inc. (NASDAQ:NOVT)

Oppenheimer Asset Management Inc. reduced its position in shares of Novanta Inc. (NASDAQ:NOVT) by 5.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,688 shares of the technology company’s stock after selling 1,397 shares during the quarter. Oppenheimer Asset Management Inc. owned about 0.06% of Novanta worth $2,901,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. D. E. Shaw & Co. Inc. bought a new stake in shares of Novanta during the fourth quarter worth approximately $3,681,000. Parallel Advisors LLC boosted its stake in Novanta by 1,426.7% in the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company’s stock valued at $29,000 after acquiring an additional 214 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in Novanta during the 4th quarter worth $5,298,000. Zions Bancorporation N.A. raised its position in shares of Novanta by 21.2% during the 4th quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company’s stock valued at $2,171,000 after acquiring an additional 2,486 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Novanta by 31,357.7% during the 1st quarter. GAMMA Investing LLC now owns 51,276 shares of the technology company’s stock valued at $6,557,000 after acquiring an additional 51,113 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Down 0.5%

Shares of NASDAQ NOVT opened at $125.65 on Thursday. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $187.12. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.70 and a current ratio of 2.56. The stock has a market cap of $4.52 billion, a P/E ratio of 64.11 and a beta of 1.46. The firm has a 50 day moving average price of $122.97 and a 200 day moving average price of $135.67.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.06. Novanta had a net margin of 7.42% and a return on equity of 15.06%. The company had revenue of $233.37 million for the quarter, compared to analysts’ expectations of $233.34 million. During the same period last year, the firm posted $0.74 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. Analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analyst Weigh In

NOVT has been the topic of several recent research reports. Robert W. Baird reduced their price target on Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. Wall Street Zen upgraded Novanta from a “hold” rating to a “buy” rating in a report on Friday, June 6th.

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.