Azzad Asset Management Inc. ADV Purchases 734 Shares of Novanta Inc. (NASDAQ:NOVT)

Azzad Asset Management Inc. ADV raised its holdings in Novanta Inc. (NASDAQ:NOVT) by 4.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,182 shares of the technology company’s stock after acquiring an additional 734 shares during the period. Azzad Asset Management Inc. ADV’s holdings in Novanta were worth $2,625,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Empowered Funds LLC acquired a new position in Novanta in the 4th quarter valued at approximately $26,000. Johnson Financial Group Inc. boosted its holdings in Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock worth $49,000 after acquiring an additional 270 shares in the last quarter. Huntington National Bank raised its position in shares of Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after purchasing an additional 150 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Novanta during the fourth quarter valued at about $97,000. Finally, Venturi Wealth Management LLC lifted its position in Novanta by 6,500.0% in the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock valued at $111,000 after acquiring an additional 715 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Trading Down 1.5%

Shares of NOVT stock opened at $120.13 on Monday. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of 71.93 and a beta of 1.51. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The company’s fifty day simple moving average is $121.56 and its two-hundred day simple moving average is $142.38.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.06. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company had revenue of $233.37 million during the quarter, compared to analyst estimates of $233.34 million. During the same quarter last year, the company earned $0.74 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current year.

Analyst Ratings Changes

Separately, Robert W. Baird decreased their price objective on shares of 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.