William Blair Investment Management LLC Has $75.50 Million Stock Holdings in Novanta Inc (NASDAQ:NOVT)

William Blair Investment Management LLC cut its stake in shares of Novanta Inc (NASDAQ:NOVT) by 0.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 891,021 shares of the technology company’s stock after selling 5,400 shares during the quarter. William Blair Investment Management LLC owned approximately 2.55% of Novanta worth $75,496,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Novanta by 3.7% in the fourth quarter. BlackRock Inc. now owns 2,273,355 shares of the technology company’s stock valued at $143,221,000 after buying an additional 82,008 shares during the last quarter. Artisan Partners Limited Partnership increased its position in Novanta by 2.4% in the first quarter. Artisan Partners Limited Partnership now owns 815,425 shares of the technology company’s stock worth $69,091,000 after purchasing an additional 18,898 shares during the period. Conestoga Capital Advisors LLC increased its position in Novanta by 1.0% in the first quarter. Conestoga Capital Advisors LLC now owns 677,832 shares of the technology company’s stock worth $57,433,000 after purchasing an additional 6,935 shares during the period. Janus Henderson Group PLC increased its position in Novanta by 8.1% in the first quarter. Janus Henderson Group PLC now owns 561,788 shares of the technology company’s stock worth $47,600,000 after purchasing an additional 41,995 shares during the period. Finally, Geode Capital Management LLC increased its position in Novanta by 11.1% in the fourth quarter. Geode Capital Management LLC now owns 379,215 shares of the technology company’s stock worth $23,890,000 after purchasing an additional 37,821 shares during the period. 87.13% of the stock is owned by institutional investors.

Shares of Novanta stock traded up $1.01 during trading on Friday, hitting $94.30. 163,718 shares of the company were exchanged, compared to its average volume of 149,802. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of 43.66 and a beta of 1.49. Novanta Inc has a 1-year low of $55.68 and a 1-year high of $96.31. The stock has a fifty day moving average price of $84.30. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.83 and a quick ratio of 1.78.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.04. Novanta had a return on equity of 19.26% and a net margin of 7.92%. The business had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $155.85 million. During the same quarter in the previous year, the business posted $0.47 EPS. Novanta’s revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts predict that Novanta Inc will post 2.41 EPS for the current year.

NOVT has been the subject of a number of research reports. BidaskClub lowered Novanta from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 18th. Zacks Investment Research upgraded Novanta from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research report on Saturday, March 2nd. Finally, Robert W. Baird boosted their target price on Novanta from $61.00 to $81.00 and gave the stock a “neutral” rating in a research report on Thursday, February 28th.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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