Handelsbanken Fonder AB Has $1.50 Million Position in Novanta Inc. (NASDAQ:NOVT)

Handelsbanken Fonder AB raised its stake in Novanta Inc. (NASDAQ:NOVT) by 16.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,811 shares of the technology company’s stock after acquiring an additional 1,400 shares during the period. Handelsbanken Fonder AB’s holdings in Novanta were worth $1,499,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Conestoga Capital Advisors LLC increased its position in Novanta by 1.6% in the third quarter. Conestoga Capital Advisors LLC now owns 1,350,651 shares of the technology company’s stock worth $241,658,000 after purchasing an additional 20,825 shares during the period. State Street Corp lifted its stake in Novanta by 2.0% in the third quarter. State Street Corp now owns 1,298,419 shares of the technology company’s stock valued at $232,313,000 after acquiring an additional 24,929 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Novanta by 8.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company’s stock valued at $119,757,000 after purchasing an additional 58,631 shares during the period. Geneva Capital Management LLC increased its position in Novanta by 1.1% during the third quarter. Geneva Capital Management LLC now owns 780,046 shares of the technology company’s stock worth $139,566,000 after acquiring an additional 8,574 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Novanta by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company’s stock valued at $78,616,000 after acquiring an additional 4,271 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Robert W. Baird lowered their price target on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th.

Novanta Price Performance

Shares of NASDAQ NOVT opened at $149.30 on Thursday. The firm’s 50-day moving average price is $149.13 and its 200-day moving average price is $164.80. The firm has a market capitalization of $5.36 billion, a P/E ratio of 89.40 and a beta of 1.28. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 1-year low of $137.91 and a 1-year high of $187.12.

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

About Novanta

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.