Envestnet Asset Management Inc. lifted its position in Novanta Inc. (NASDAQ:NOVT – Get Rating) by 21.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 51,002 shares of the technology company's stock after buying an additional 9,128 shares during the period. Envestnet Asset Management Inc. owned about 0.14% of Novanta worth $7,257,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp raised its holdings in shares of Novanta by 20.3% during the first quarter. Fifth Third Bancorp now owns 527 shares of the technology company's stock valued at $75,000 after purchasing an additional 89 shares during the last quarter. First Republic Investment Management Inc. increased its holdings in Novanta by 3.5% during the fourth quarter. First Republic Investment Management Inc. now owns 2,768 shares of the technology company's stock valued at $488,000 after buying an additional 94 shares during the last quarter. Corbett Road Capital Management LLC increased its holdings in Novanta by 3.5% during the fourth quarter. Corbett Road Capital Management LLC now owns 2,927 shares of the technology company's stock valued at $516,000 after buying an additional 99 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in Novanta by 0.8% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 22,863 shares of the technology company's stock valued at $3,984,000 after buying an additional 185 shares during the last quarter. Finally, Blair William & Co. IL increased its holdings in Novanta by 2.3% during the fourth quarter. Blair William & Co. IL now owns 8,444 shares of the technology company's stock valued at $1,489,000 after buying an additional 193 shares during the last quarter. Institutional investors own 94.10% of the company's stock.

Novanta Stock Performance

NOVT opened at $147.51 on Wednesday. The firm has a market cap of $5.27 billion, a P/E ratio of 91.06 and a beta of 1.16. Novanta Inc. has a 1-year low of $110.84 and a 1-year high of $184.44. The company has a 50 day simple moving average of $129.41 and a two-hundred day simple moving average of $131.73. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.05 and a quick ratio of 1.29.

Analyst Upgrades and Downgrades

NOVT has been the subject of a number of research reports. William Blair raised shares of Novanta from a "market perform" rating to an "outperform" rating in a report on Wednesday, May 11th. TheStreet upgraded shares of Novanta from a "c+" rating to a "b-" rating in a research report on Friday, August 5th.

About Novanta

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Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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