Pictet Asset Management Holding SA Has $19.49 Million Stock Position in Novanta Inc. (NASDAQ:NOVT)

Pictet Asset Management Holding SA boosted its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,604 shares of the technology company’s stock after purchasing an additional 1,662 shares during the quarter. Pictet Asset Management Holding SA owned 0.36% of Novanta worth $19,494,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of NOVT. Citigroup Inc. lifted its stake in shares of Novanta by 179.9% in the third quarter. Citigroup Inc. now owns 34,003 shares of the technology company’s stock valued at $6,084,000 after buying an additional 21,854 shares during the period. FMR LLC lifted its position in shares of Novanta by 127.0% in the 3rd quarter. FMR LLC now owns 8,025 shares of the technology company’s stock worth $1,436,000 after acquiring an additional 4,489 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Novanta by 34.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 20,054 shares of the technology company’s stock worth $3,588,000 after purchasing an additional 5,165 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Novanta by 3.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,147 shares of the technology company’s stock valued at $1,458,000 after purchasing an additional 249 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Novanta by 110.2% in the third 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. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Performance

NASDAQ NOVT opened at $127.87 on Tuesday. Novanta Inc. has a twelve month low of $125.42 and a twelve month high of $187.12. 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 stock has a market cap of $4.60 billion, a P/E ratio of 76.57 and a beta of 1.34. The company’s 50-day simple moving average is $142.48 and its 200 day simple moving average is $158.24.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data 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 company had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 EPS. As a group, research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.