Victory Capital Management Inc. Acquires 99 Shares of Novanta Inc. (NASDAQ:NOVT)

Victory Capital Management Inc. lifted its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 1.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,526 shares of the technology company’s stock after purchasing an additional 99 shares during the period. Victory Capital Management Inc.’s holdings in Novanta were worth $1,228,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. New York State Teachers Retirement System boosted its position in shares of Novanta by 1.7% during the 1st quarter. New York State Teachers Retirement System now owns 5,876 shares of the technology company’s stock valued at $1,027,000 after purchasing an additional 100 shares in the last quarter. Signaturefd LLC boosted its position in shares of Novanta by 38.3% during the 2nd quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after purchasing an additional 100 shares in the last quarter. Retirement Systems of Alabama boosted its position in shares of Novanta by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 44,969 shares of the technology company’s stock valued at $7,859,000 after purchasing an additional 119 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Novanta by 12.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,180 shares of the technology company’s stock valued at $192,000 after purchasing an additional 132 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of Novanta by 5.3% during the 4th quarter. Teacher Retirement System of Texas now owns 2,914 shares of the technology company’s stock valued at $491,000 after purchasing an additional 146 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

Novanta Stock Up 3.3 %

Shares of NASDAQ:NOVT opened at $174.37 on Friday. The business’s 50 day simple moving average is $175.76 and its two-hundred day simple moving average is $168.49. The firm has a market cap of $6.26 billion, a P/E ratio of 90.35 and a beta of 1.29. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77. Novanta Inc. has a 52-week low of $111.20 and a 52-week high of $187.12.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. The business had revenue of $235.86 million for the quarter, compared to analyst estimates of $233.63 million. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The company’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 earnings per share. As a group, research analysts forecast that Novanta Inc. will post 3.3 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Insider Activity

In other news, CFO Robert Buckley sold 1,830 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $180.18, for a total value of $329,729.40. Following the transaction, the chief financial officer now owns 120,419 shares in the company, valued at $21,697,095.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Matthijs Glastra sold 1,086 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $160.84, for a total value of $174,672.24. Following the transaction, the chief executive officer now owns 23,486 shares in the company, valued at $3,777,488.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert Buckley sold 1,830 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $180.18, for a total value of $329,729.40. Following the completion of the transaction, the chief financial officer now owns 120,419 shares in the company, valued at approximately $21,697,095.42. The disclosure for this sale can be found here. Insiders have sold 15,063 shares of company stock worth $2,591,881 over the last 90 days. 1.20% of the stock is currently owned by corporate insiders.

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.