Zions Bancorporation N.A. Has $2.17 Million Position in Novanta Inc. (NASDAQ:NOVT)

Zions Bancorporation N.A. grew its stake in Novanta Inc. (NASDAQ:NOVT) by 21.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,211 shares of the technology company’s stock after buying an additional 2,486 shares during the period. Zions Bancorporation N.A.’s holdings in Novanta were worth $2,171,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. EntryPoint Capital LLC bought a new position in Novanta during the 4th quarter worth approximately $510,000. Summit Creek Advisors LLC acquired a new stake in shares of Novanta during the fourth quarter worth $7,099,000. Vanguard Group Inc. raised its stake in Novanta by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company’s stock worth $629,997,000 after buying an additional 62,585 shares during the last quarter. LPL Financial LLC lifted its holdings in Novanta by 19.6% in the fourth quarter. LPL Financial LLC now owns 21,537 shares of the technology company’s stock valued at $3,246,000 after buying an additional 3,528 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new stake in Novanta during the fourth quarter valued at $1,130,000. 98.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Novanta Price Performance

Shares of NOVT opened at $136.82 on Wednesday. The firm has a market cap of $4.92 billion, a PE ratio of 81.93 and a beta of 1.34. Novanta Inc. has a 52-week low of $131.03 and a 52-week high of $187.12. The business’s 50 day moving average price is $143.90 and its two-hundred day moving average price is $159.28. 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 released its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $238.10 million for the quarter, compared to the consensus estimate of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. Novanta’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.63 EPS. On average, equities analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

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.