Sei Investments Co. Buys 5,439 Shares of Novanta Inc. (NASDAQ:NOVT)

Sei Investments Co. boosted its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 2.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 249,661 shares of the technology company’s stock after purchasing an additional 5,439 shares during the quarter. Sei Investments Co.’s holdings in Novanta were worth $40,722,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its holdings in shares of Novanta by 1.3% during the 2nd quarter. Victory Capital Management Inc. now owns 7,526 shares of the technology company’s stock worth $1,228,000 after buying an additional 99 shares during the period. New York State Teachers Retirement System grew its position in shares of Novanta by 1.7% in the first 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 during the last quarter. Signaturefd LLC grew its position in shares of Novanta by 38.3% in the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after purchasing an additional 100 shares during the last quarter. Retirement Systems of Alabama increased its stake in shares of Novanta by 0.3% in the first quarter. Retirement Systems of Alabama now owns 44,969 shares of the technology company’s stock worth $7,859,000 after purchasing an additional 119 shares during the period. Finally, Nisa Investment Advisors LLC lifted 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 worth $192,000 after purchasing an additional 132 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Price Performance

Shares of Novanta stock opened at $176.36 on Tuesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.77 and a quick ratio of 1.73. The company has a market cap of $6.33 billion, a PE ratio of 91.38 and a beta of 1.29. The firm has a fifty day moving average price of $175.88 and a two-hundred day moving average price of $168.41. Novanta Inc. has a fifty-two week low of $111.20 and a fifty-two week high of $187.12.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. The business had revenue of $235.86 million for the quarter, compared to the consensus estimate of $233.63 million. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period last year, the business earned $0.80 earnings per share. Analysts expect that Novanta Inc. will post 3.3 EPS for the current year.

Insider Activity

In related news, CFO Robert Buckley sold 4,379 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $176.20, for a total value of $771,579.80. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at $21,217,827.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Matthijs Glastra sold 1,086 shares of the company’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 sale, the chief executive officer now directly owns 23,486 shares in the company, valued at approximately $3,777,488.24. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Robert Buckley sold 4,379 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $176.20, for a total value of $771,579.80. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at $21,217,827.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,063 shares of company stock worth $2,591,881. Company insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.