Novanta Inc. (NASDAQ:NOVT) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 5.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,234 shares of the technology company’s stock after selling 3,142 shares during the quarter. Corebridge Financial Inc. owned approximately 0.16% of Novanta worth $8,896,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of NOVT. Sanctuary Advisors LLC bought a new stake in Novanta in the 3rd quarter valued at about $232,000. KBC Group NV lifted its stake in Novanta by 41.6% in the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock worth $229,000 after acquiring an additional 441 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Novanta by 4.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company’s stock worth $18,419,000 after acquiring an additional 4,648 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Novanta by 110.2% during 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 valued at $17,938,000 after purchasing an additional 52,573 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Novanta by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company’s stock worth $78,616,000 after purchasing an additional 4,271 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

Novanta Trading Down 2.0 %

Novanta stock opened at $132.53 on Friday. The business has a 50 day moving average price of $143.32 and a two-hundred day moving average price of $158.93. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12 month low of $131.03 and a 12 month high of $187.12. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of 79.36 and a beta of 1.34.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm’s revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 EPS. As a group, equities analysts forecast that Novanta Inc. will post 3.03 EPS for the current year.

Analyst Upgrades and Downgrades

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

Novanta 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.