Forte Capital LLC ADV Cuts Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Forte Capital LLC ADV trimmed its position in shares of Novanta Inc. (NASDAQ:NOVT) by 5.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,525 shares of the technology company’s stock after selling 80 shares during the quarter. Forte Capital LLC ADV’s holdings in Novanta were worth $233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Handelsbanken Fonder AB boosted its holdings in Novanta by 16.6% during the 4th quarter. Handelsbanken Fonder AB now owns 9,811 shares of the technology company’s stock worth $1,499,000 after acquiring an additional 1,400 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Novanta by 0.8% during the 4th quarter. New York State Common Retirement Fund now owns 89,320 shares of the technology company’s stock worth $13,645,000 after acquiring an additional 700 shares during the last quarter. Kornitzer Capital Management Inc. KS purchased a new position in Novanta during the 4th quarter worth $5,105,000. Venturi Wealth Management LLC raised its stake in shares of Novanta by 6,500.0% during the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after purchasing an additional 715 shares during the period. Finally, Values First Advisors Inc. raised its stake in shares of Novanta by 34.6% during the 4th quarter. Values First Advisors Inc. now owns 1,660 shares of the technology company’s stock worth $254,000 after purchasing an additional 427 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Robert W. Baird lowered their target price on Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th.

Novanta Trading Down 1.6 %

NASDAQ NOVT opened at $140.51 on Friday. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of 84.14 and a beta of 1.28. Novanta Inc. has a one year low of $139.78 and a one 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 business’s fifty day moving average is $150.65 and its 200-day moving average is $165.38.

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.