Proficio Capital Partners LLC Invests $5.30 Million in Novanta Inc. (NASDAQ:NOVT)

Proficio Capital Partners LLC purchased a new position in shares of Novanta Inc. (NASDAQ:NOVT) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 34,679 shares of the technology company’s stock, valued at approximately $5,298,000.

A number of other institutional investors also recently modified their holdings of NOVT. Victory Capital Management Inc. raised its holdings in shares of Novanta by 13.1% during the 3rd quarter. Victory Capital Management Inc. now owns 8,512 shares of the technology company’s stock worth $1,523,000 after buying an additional 986 shares in the last quarter. KBC Group NV grew its position in Novanta by 14.9% during the 3rd quarter. KBC Group NV now owns 1,059 shares of the technology company’s stock worth $189,000 after acquiring an additional 137 shares during the last quarter. Natixis Advisors LLC grew its position in Novanta by 1.7% during the 3rd quarter. Natixis Advisors LLC now owns 25,957 shares of the technology company’s stock worth $4,644,000 after acquiring an additional 434 shares during the last quarter. Mutual of America Capital Management LLC grew its position in Novanta by 1.5% during the 3rd quarter. Mutual of America Capital Management LLC now owns 43,241 shares of the technology company’s stock worth $7,737,000 after acquiring an additional 648 shares during the last quarter. Finally, Chesapeake Capital Corp IL bought a new stake in Novanta during the 3rd quarter worth $435,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Novanta Trading Up 1.2 %

Shares of NOVT stock opened at $136.07 on Monday. The firm has a market capitalization of $4.89 billion, a P/E ratio of 81.48 and a beta of 1.34. Novanta Inc. has a twelve month low of $133.17 and a twelve month high of $187.12. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The stock’s fifty day simple moving average is $145.79 and its 200 day simple moving average is $161.28.

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, topping analysts’ consensus estimates 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 analyst estimates of $240.29 million. During the same quarter in the previous year, the company posted $0.63 EPS. Novanta’s quarterly revenue was up 12.5% compared to the same quarter last year. As a group, sell-side analysts predict that Novanta Inc. will post 3.03 EPS 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.