Novanta Inc. (NASDAQ:NOVT) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC trimmed its position in Novanta Inc. (NASDAQ:NOVT) by 46.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 164,576 shares of the technology company’s stock after selling 142,326 shares during the period. Clearbridge Investments LLC owned about 0.46% of Novanta worth $25,142,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Empowered Funds LLC acquired a new stake in shares of Novanta in the fourth quarter worth approximately $26,000. SBI Securities Co. Ltd. acquired a new stake in Novanta during the 4th quarter worth $97,000. Venturi Wealth Management LLC grew its holdings in shares of Novanta by 6,500.0% during the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after buying an additional 715 shares in the last quarter. KBC Group NV grew 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 buying an additional 441 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Novanta in the third quarter valued at about $232,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Price Performance

NASDAQ:NOVT opened at $127.50 on Wednesday. The stock has a 50 day moving average price of $142.00 and a 200 day moving average price of $157.94. The stock has a market cap of $4.59 billion, a PE ratio of 76.35 and a beta of 1.34. 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 one year low of $125.42 and a one year high of $187.12.

Novanta (NASDAQ:NOVT) last posted its quarterly 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 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 firm earned $0.63 EPS. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities research analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal 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 for the company in a research note on Monday, March 3rd.

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.