Allspring Global Investments Holdings LLC Boosts Stake in Novanta Inc. (NASDAQ:NOVT)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 8.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 793,359 shares of the technology company’s stock after buying an additional 58,631 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Novanta were worth $119,757,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. WCM Investment Management LLC bought a new stake in Novanta in the 4th quarter worth approximately $15,104,000. Entropy Technologies LP bought a new stake in Novanta during the fourth quarter valued at approximately $284,000. Empowered Funds LLC purchased a new stake in Novanta during the fourth quarter valued at approximately $26,000. KBC Group NV raised its position in Novanta by 41.6% in the fourth quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock worth $229,000 after acquiring an additional 441 shares during the period. Finally, Exchange Traded Concepts LLC raised its position in Novanta by 4.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company’s stock worth $18,419,000 after acquiring an additional 4,648 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Robert W. Baird reduced their price objective on Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th.

Novanta Stock Up 0.8 %

NASDAQ NOVT opened at $147.76 on Thursday. Novanta Inc. has a 52 week low of $142.81 and a 52 week 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 company has a market capitalization of $5.31 billion, a P/E ratio of 88.48 and a beta of 1.28. The stock’s 50-day moving average price is $153.77 and its 200-day moving average price is $166.74.

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.