Novanta Inc. (NASDAQ:NOVT) Shares bought by Raymond James & Associates

VaselineAugust 28, 2024

0 3 minutes read

Raymond James & Associates grew its position in Novanta Inc. (NASDAQ:NOVT – Free Report) by 3.5% in the second quarter, Holdings Channel.com reports. The firm owned 50,640 shares of the technology company’s stock after purchasing an additional 1,720 shares during the period. Raymond James & Associates’ holdings in Novanta were worth $8,260,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its stake in Novanta by 14.8% in the fourth quarter. Russell Investments Group Ltd. now owns 16,441 shares of the technology company’s stock valued at $2,769,000 after purchasing an additional 2,115 shares during the period. Alliance Wealth Advisors LLC UT acquired a new position in shares of Novanta during the 4th quarter worth $217,000. Retirement System of Alabama boosted its holdings in shares of Novanta by 0.3% during the fourth quarter. Retirement Systems of Alabama now owns 44,850 shares of the technology company’s stock worth $7,553,000 after purchasing an additional 140 shares during the last quarter. Norden Group LLC purchased a new stake in shares of Novanta in the fourth quarter valued at $298,000. Finally, Victory Capital Management Inc. raised its position in shares of Novanta by 16.9% in the fourth quarter. Victory Capital Management Inc. now owns 7,533 shares of the technology company’s stock valued at $1,269,000 after buying an additional 1,089 shares during the period. 98.35% of shares are owned by institutional investors and hedge funds.

Analysts set new price targets

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

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Novanta Price Performance

Shares of Novanta opened at $182.54 on Tuesday. Novanta Inc. has a 1 year low of $111.20 and a 1 year high of $187.12. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.77, and a current ratio of 2.83. The firm has a 50-day moving average price of $171.64 and a 200-day moving average price of $167.14. The company has a market cap of $6.55 billion, a price-to-earnings ratio of 94.58 and a beta of 1.31.

Novanta (NASDAQ:NOVT – Get Free Report ) last announced its quarterly earnings data 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. Novanta had a net margin of 7.76% and a return on equity of 16.58%. The company had revenue of $235.86 million during the quarter, compared to analysts’ expectations of $233.63 million. During the same period in the previous year, the company earned $0.80 EPS. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. Sell-side analysts predict that Novanta Inc. will post 3.26 earnings per share for the current year.

Indoor activity

In other Novanta news, Director Thomas N. Secor sold 1,000 shares of Novanta stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $158.60, for a total transaction of $158,600.00. Following the transaction, the director now directly owns 928 shares of the company’s stock, valued at $147,180.80. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Thomas N. Secor sold 1,000 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $158.60, for a total value of $158,600.00. Following the completion of the sale, the director now owns 928 shares of the company’s stock, valued at $147,180.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Also, CEO Matthijs Glastra sold 1,086 shares of the business’s stock in a transaction on Monday, July 1st. The shares were 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 approximately $3,777,488.24. The disclosure for this sale can be found here. Insiders have sold 11,684 shares of company stock worth $1,978,901 over the last three months. Corporate insiders own 1.20% of the company’s shares.

Novanta company profile

(Free Report)

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.