Novanta Inc. (NASDAQ:NOVT) Shares Acquired by Fmr LLC

Fmr LLC grew its holdings in Novanta Inc. (NASDAQ:NOVT) by 127.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 8,025 shares of the technology company’s stock after buying an additional 4,489 shares during the quarter. Fmr LLC’s holdings in Novanta were worth $1,436,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Associated Banc Corp acquired a new stake in shares of Novanta in the third quarter valued at about $209,000. Loomis Sayles & Co. L P raised its position in shares of Novanta by 2.1% in the third quarter. Loomis Sayles & Co. L P now owns 289,473 shares of the technology company’s stock valued at $51,792,000 after buying an additional 6,019 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Novanta in the third quarter valued at about $366,000. Nicolet Advisory Services LLC raised its position in shares of Novanta by 5.9% in the third quarter. Nicolet Advisory Services LLC now owns 2,502 shares of the technology company’s stock valued at $430,000 after buying an additional 139 shares during the last quarter. Finally, Citigroup Inc. increased its position in Novanta by 179.9% during the third quarter. Citigroup Inc. now owns 34,003 shares of the technology company’s stock worth $6,084,000 after purchasing an additional 21,854 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Price Performance

Novanta stock opened at $166.20 on Monday. Novanta Inc. has a 12-month low of $146.86 and a 12-month high of $187.12. The stock has a market cap of $5.97 billion, a P/E ratio of 99.52 and a beta of 1.26. The company has a 50-day moving average price of $171.55 and a 200 day moving average price of $171.22. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting 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 during the quarter, compared to analysts’ expectations of $242.33 million. During the same period last year, the business earned $0.85 earnings per share. Novanta’s revenue was up 10.3% compared to the same quarter last year. Sell-side analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current year.

Insiders Place Their Bets

In other Novanta news, CFO Robert Buckley sold 3,660 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $174.01, for a total transaction of $636,876.60. Following the completion of the transaction, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $20,954,110.19. This trade represents a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at approximately $10,131,845.40. This trade represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,271 shares of company stock valued at $2,185,107 over the last 90 days. 1.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, Robert W. Baird cut their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research 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.