Summit Creek Advisors LLC Purchases Shares of 46,467 Novanta Inc. (NASDAQ:NOVT)

Summit Creek Advisors LLC purchased a new stake in shares of Novanta Inc. (NASDAQ:NOVT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 46,467 shares of the technology company’s stock, valued at approximately $7,099,000.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Novanta by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company’s stock valued at $629,997,000 after purchasing an additional 62,585 shares during the period. LPL Financial LLC boosted its stake in shares of Novanta by 19.6% in the fourth quarter. LPL Financial LLC now owns 21,537 shares of the technology company’s stock worth $3,246,000 after acquiring an additional 3,528 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of Novanta in the fourth quarter worth about $1,130,000. Sei Investments Co. boosted its stake in shares of Novanta by 2.2% in the fourth quarter. Sei Investments Co. now owns 255,641 shares of the technology company’s stock worth $39,054,000 after acquiring an additional 5,407 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Novanta in the fourth quarter worth about $2,184,000. Institutional investors own 98.35% of the company’s stock.

Novanta Stock Performance

NASDAQ NOVT opened at $133.52 on Monday. The firm has a market cap of $4.80 billion, a price-to-earnings ratio of 79.95 and a beta of 1.34. 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 business has a 50-day moving average price of $144.31 and a 200-day moving average price of $159.75. Novanta Inc. has a twelve month low of $131.03 and a twelve month high of $187.12.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $238.10 million during the quarter, compared to analyst estimates of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.63 earnings per share. As a group, equities research analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Robert W. Baird dropped their price objective on 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.