Voloridge Investment Management LLC Acquires Shares of 46,681 Novanta Inc. (NASDAQ:NOVT)

Voloridge Investment Management LLC acquired a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 46,681 shares of the technology company's stock, valued at approximately $7,131,000. Voloridge Investment Management LLC owned about 0.13% of Novanta as of its most recent filing with the Securities & Exchange Commission.Several other hedge funds and other institutional investors have also recently bought and sold shares of NOVT. Norges Bank bought a new stake in Novanta in the fourth quarter valued at approximately $48,442,000. T. Rowe Price Investment Management Inc. lifted its position in Novanta by 69.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company's stock valued at $103,910,000 after purchasing an additional 279,793 shares during the last quarter. WCM Investment Management LLC bought a new stake in Novanta in the fourth quarter valued at approximately $15,104,000. Schroder Investment Management Group lifted its position in Novanta by 52.5% in the fourth quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company's stock valued at $41,359,000 after purchasing an additional 93,511 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Novanta by 2,714.7% during the fourth quarter. Millennium Management LLC now owns 88,297 shares of the technology company's stock valued at $13,489,000 after acquiring an additional 85,160 shares in the last quarter. Institutional investors own 98.35% of the company's stock. Novanta Price PerformanceShares of Novanta stock opened at $120.13 on Monday. 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 company has a market cap of $4.32 billion, a PE ratio of 71.93 and a beta of 1.51. The business has a 50 day moving average of $121.56 and a 200 day moving average of $142.38. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. Novanta (NASDAQ:NOVT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.68 by $0.06. The company had revenue of $233.37 million during the quarter, compared to the consensus estimate of $233.34 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 earnings per share. As a group, equities research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year. Analyst Ratings ChangesSeparately, Robert W. Baird decreased their target price on Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a report on Monday, March 3rd.Check Out Our Latest Research Report on NOVTNovanta Profile (Free Report)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.See AlsoFive stocks we like better than NovantaWhat Does a Stock Split Mean? This Market Sell-Off Might Trigger a Value Rotation Into Pepsi What Investors Need to Know About Upcoming IPOsAlphabet Stock Lags—But Waymo May Be Its Hidden DriverCanada Bond Market Holiday: How to Invest and Trade Trade Desk Silences Critics; Recovery Looks Poised to ContinueThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Novanta Right Now?Before you consider Novanta, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Novanta wasn't on the list.While Novanta currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here