Novanta Inc. (NASDAQ:NOVT) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. grew its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 13.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,512 shares of the technology company’s stock after purchasing an additional 986 shares during the period. Victory Capital Management Inc.’s holdings in Novanta were worth $1,523,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of NOVT. GAMMA Investing LLC lifted its stake in Novanta by 33.1% during the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after buying an additional 59 shares in the last quarter. GHP Investment Advisors Inc. purchased a new stake in shares of Novanta in the 3rd quarter valued at approximately $49,000. nVerses Capital LLC purchased a new stake in shares of Novanta in the 3rd quarter valued at approximately $54,000. Signaturefd LLC boosted its stake in Novanta by 38.3% in the 2nd quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock worth $59,000 after purchasing an additional 100 shares during the period. Finally, Van ECK Associates Corp grew its position in Novanta by 47.6% during the 2nd quarter. Van ECK Associates Corp now owns 750 shares of the technology company’s stock worth $122,000 after purchasing an additional 242 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Trading Up 2.1 %

NASDAQ:NOVT opened at $173.43 on Tuesday. The stock has a market cap of $6.23 billion, a PE ratio of 104.32 and a beta of 1.29. Novanta Inc. has a fifty-two week low of $142.35 and a fifty-two week 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 stock’s 50-day moving average is $173.77 and its two-hundred day moving average is $170.94.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm had revenue of $244.40 million for the quarter, compared to analyst estimates of $242.33 million. During the same quarter in the prior year, the business earned $0.85 EPS. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, equities research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Insider Transactions at Novanta

In related news, CFO Robert Buckley sold 4,379 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $176.20, for a total transaction of $771,579.80. Following the transaction, the chief financial officer now owns 120,419 shares of the company’s stock, valued at approximately $21,217,827.80. This trade represents a 3.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the completion of the sale, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at $10,131,845.40. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,650 shares of company stock valued at $2,956,686. 1.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Robert W. Baird reduced their target price on Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th.

Novanta Company 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.