Seven Eight Capital LP Increases Position in Novanta Inc. (NASDAQ:NOVT)

Seven Eight Capital LP boosted its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 59.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,518 shares of the technology company’s stock after purchasing an additional 1,309 shares during the quarter. Seven Eight Capital LP’s holdings in Novanta were worth $574,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Hsbc Holdings PLC lifted its position in shares of Novanta by 20.7% during the 2nd quarter. Hsbc Holdings PLC now owns 2,651 shares of the technology company’s stock valued at $434,000 after buying an additional 455 shares in the last quarter. Blair William & Co. IL lifted its holdings in Novanta by 10.1% in the 2nd quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock valued at $73,172,000 after purchasing an additional 41,296 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in Novanta by 10.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,197 shares of the technology company’s stock worth $834,000 after purchasing an additional 506 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in shares of Novanta in the second quarter valued at about $3,382,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Novanta by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 680,104 shares of the technology company’s stock worth $110,933,000 after buying an additional 19,701 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Novanta news, CFO Robert Buckley sold 1,830 shares of Novanta stock in a transaction on Monday, July 1st. The stock was sold at an average price of $161.09, for a total value of $294,794.70. Following the sale, the chief financial officer now owns 120,419 shares in the company, valued at $19,398,296.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Matthijs Glastra sold 1,086 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $160.84, for a total transaction of $174,672.24. Following the completion of the transaction, the chief executive officer now directly owns 23,486 shares in the company, valued at $3,777,488.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Robert Buckley sold 1,830 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $161.09, for a total transaction of $294,794.70. Following the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $19,398,296.71. The disclosure for this sale can be found here. Insiders sold a total of 15,063 shares of company stock valued at $2,591,881 in the last 90 days. Company insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird upped their price objective on shares of 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

NASDAQ NOVT opened at $174.53 on Friday. Novanta Inc. has a fifty-two week low of $111.20 and a fifty-two week high of $187.12. The firm has a market capitalization of $6.26 billion, a P/E ratio of 90.43 and a beta of 1.29. The stock’s fifty day moving average is $175.82 and its two-hundred day moving average is $168.47. 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 (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The firm had revenue of $235.86 million for the quarter, compared to analysts’ expectations of $233.63 million. During the same quarter in the previous year, the company posted $0.80 EPS. The company’s revenue was up 2.8% compared to the same quarter last year. On average, research analysts anticipate that Novanta Inc. will post 3.3 earnings per share for the current year.

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.