Clearbridge Investments LLC Has $49.99 Million Position in Novanta Inc. (NASDAQ:NOVT)

Clearbridge Investments LLC decreased its position in shares of Novanta Inc. (NASDAQ:NOVT) by 1.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 306,475 shares of the technology company’s stock after selling 3,526 shares during the period. Clearbridge Investments LLC’s holdings in Novanta were worth $49,989,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Creative Planning raised its stake in Novanta by 2.7% during the second quarter. Creative Planning now owns 7,172 shares of the technology company’s stock worth $1,170,000 after acquiring an additional 186 shares in the last quarter. Clearline Capital LP increased its position in Novanta by 71.1% during the 2nd quarter. Clearline Capital LP now owns 11,497 shares of the technology company’s stock worth $1,875,000 after purchasing an additional 4,778 shares in the last quarter. AXA S.A. increased its position in Novanta by 0.8% during the 2nd quarter. AXA S.A. now owns 434,796 shares of the technology company’s stock worth $70,920,000 after purchasing an additional 3,635 shares in the last quarter. Bank of Montreal Can boosted its position in Novanta by 2.6% in the second quarter. Bank of Montreal Can now owns 3,598 shares of the technology company’s stock valued at $599,000 after buying an additional 90 shares in the last quarter. Finally, Sei Investments Co. grew its stake in shares of Novanta by 2.2% during the second quarter. Sei Investments Co. now owns 249,661 shares of the technology company’s stock worth $40,722,000 after buying an additional 5,439 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Insider Buying and Selling at Novanta

In other news, CFO Robert Buckley sold 1,830 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $180.18, for a total transaction of $329,729.40. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at $21,697,095.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders have sold 16,918 shares of company stock worth $2,959,770. Insiders own 1.20% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Robert W. Baird increased their price target on Novanta from $170.00 to $175.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th.

Novanta Stock Performance

Novanta stock opened at $171.84 on Friday. The business has a 50 day moving average of $175.12 and a 200-day moving average of $168.57. The company has a market capitalization of $6.17 billion, a P/E ratio of 89.04 and a beta of 1.29. Novanta Inc. has a 1 year low of $111.20 and a 1 year high of $187.12. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.77 and a quick ratio of 1.73.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $235.86 million for the quarter, compared to analysts’ expectations of $233.63 million. Novanta had a net margin of 6.91% and a return on equity of 15.77%. Novanta’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.80 earnings per share. On average, equities research analysts predict that Novanta Inc. will post 3.3 earnings per share for the current year.

Novanta Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.