Alliancebernstein L.P. Purchases 58,864 Shares of Novanta Inc. (NASDAQ:NOVT)

Alliancebernstein L.P. lifted its position in shares of Novanta Inc. (NASDAQ:NOVT) by 6.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,004,879 shares of the technology company’s stock after buying an additional 58,864 shares during the quarter. Alliancebernstein L.P.’s holdings in Novanta were worth $153,515,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC bought a new stake in Novanta during the 4th quarter worth approximately $26,000. SBI Securities Co. Ltd. bought a new stake in shares of Novanta in the fourth quarter worth $97,000. Venturi Wealth Management LLC increased its holdings in Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock valued at $111,000 after purchasing an additional 715 shares during the period. Sanctuary Advisors LLC bought a new position in Novanta during the 3rd quarter worth $232,000. Finally, HighTower Advisors LLC bought a new position in Novanta during the 3rd quarter worth $257,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Analyst Ratings Changes

Separately, Robert W. Baird decreased their price target on Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd.

Novanta Stock Down 0.3 %

Novanta stock opened at $127.50 on Wednesday. The firm has a 50 day moving average price of $142.00 and a two-hundred day moving average price of $157.94. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. Novanta Inc. has a 52-week low of $125.42 and a 52-week high of $187.12. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of 76.35 and a beta of 1.34.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. 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 business earned $0.63 earnings per share. Novanta’s revenue for the quarter was up 12.5% on a year-over-year basis. Equities analysts predict that Novanta Inc. will post 3.03 EPS for the current 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.