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

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

Other hedge funds have also recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new stake in Novanta during the 3rd quarter valued at about $232,000. KBC Group NV lifted its holdings in shares of Novanta by 41.6% during the fourth quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock worth $229,000 after purchasing an additional 441 shares during the period. Exchange Traded Concepts LLC boosted 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 valued at $18,419,000 after buying an additional 4,648 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Novanta by 110.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company’s stock worth $17,938,000 after buying an additional 52,573 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Novanta by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company’s stock worth $78,616,000 after buying an additional 4,271 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Novanta Price Performance

Shares of NOVT opened at $143.37 on Tuesday. The business’s 50-day moving average is $148.44 and its two-hundred day moving average is $163.96. The company has a market capitalization of $5.16 billion, a P/E ratio of 85.85 and a beta of 1.28. Novanta Inc. has a fifty-two week low of $137.91 and a fifty-two week high of $187.12. 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 (NASDAQ:NOVT) last posted its earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, topping 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 firm had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. During the same period last year, the company earned $0.63 earnings per share. Novanta’s revenue for the quarter was up 12.5% compared to the same quarter last year. Research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their price objective on shares of Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock in a report on Monday.

Novanta Company Profile

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.