5,700 Novanta Inc. $NOVT Shares Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 211.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,400 shares of the technology company’s stock after buying an additional 5,700 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Novanta were worth $1,194,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new position in shares of Novanta during the second quarter worth about $34,000. Pinnacle Wealth Planning Services Inc. lifted its stake in shares of Novanta by 29.5% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 303 shares of the technology company’s stock worth $43,000 after acquiring an additional 69 shares during the period. Signaturefd LLC lifted its stake in shares of Novanta by 231.7% in the third quarter. Signaturefd LLC now owns 345 shares of the technology company’s stock worth $49,000 after acquiring an additional 241 shares during the period. Harbor Investment Advisory LLC bought a new stake in Novanta in the second quarter valued at approximately $54,000. Finally, Allworth Financial LP bought a new stake in Novanta in the second quarter valued at approximately $59,000. Institutional investors own 98.35% of the company’s stock.

Novanta Stock Performance

Shares of Novanta stock opened at $145.23 on Thursday. The company has a current ratio of 4.57, a quick ratio of 3.79 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average price of $142.61 and a two-hundred day moving average price of $142.56. Novanta Inc. has a 1-year low of $98.27 and a 1-year high of $176.38. The company has a market cap of $5.49 billion, a P/E ratio of 93.10 and a beta of 1.71.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.06. The firm had revenue of $265.81 million during the quarter, compared to analyst estimates of $262.30 million. Novanta had a return on equity of 10.83% and a net margin of 6.00%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the company posted $0.76 EPS. As a group, analysts anticipate that Novanta Inc. will post 3.70 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on NOVT shares. Robert W. Baird set a $194.00 target price on shares of Novanta in a research report on Friday, August 7th. Zacks Research downgraded shares of Novanta from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Wall Street Zen downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research report on Saturday, October 24th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Novanta in a research note on Tuesday, October 13th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $194.00.

About Novanta

Novanta Inc is a technology company that develops and manufactures precision equipment and components used primarily in medical and advanced industrial applications. Its solutions are designed to support the movement, imaging, measurement and processing functions of complex equipment.

The company’s products include photonics and laser components, precision motion-control systems, medical imaging and visualization technologies, and equipment used in minimally invasive and robotic surgery.