Insider Selling: Novanta (NASDAQ:NOVT) CEO Sells 7,500 Shares of Stock

Novanta Inc. (NASDAQ:NOVT) CEO Matthijs Glastra sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $145.04, for a total value of $1,087,800.00. Following the completion of the transaction, the chief executive officer directly owned 57,367 shares in the company, valued at $8,320,509.68. The trade was a 11.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Matthijs Glastra also recently made the following trade(s):

• On Wednesday, January 21st, Matthijs Glastra sold 7,500 shares of Novanta stock. The shares were sold at an average price of $140.00, for a total value of $1,050,000.00.
• On Friday, January 9th, Matthijs Glastra sold 6,177 shares of Novanta stock. The stock was sold at an average price of $130.00, for a total value of $803,010.00.
• On Thursday, January 8th, Matthijs Glastra sold 323 shares of Novanta stock. The stock was sold at an average price of $130.14, for a total transaction of $42,035.22.

Novanta Price Performance

Shares of NOVT stock traded down $2.54 during trading hours on Thursday, hitting $139.29. The company had a trading volume of 389,102 shares, compared to its average volume of 464,076. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.54 and a current ratio of 2.51. The firm’s fifty day moving average is $127.90 and its 200 day moving average is $118.53. Novanta Inc. has a 12 month low of $98.27 and a 12 month high of $153.20. The firm has a market capitalization of $4.98 billion, a price-to-earnings ratio of 94.76 and a beta of 1.62.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NOVT. Vanguard Group Inc. increased its holdings in shares of Novanta by 4.6% during the third quarter. Vanguard Group Inc. now owns 4,378,888 shares of the technology company’s stock valued at $438,546,000 after acquiring an additional 193,366 shares in the last quarter. Conestoga Capital Advisors LLC increased its holdings in Novanta by 15.7% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,579,626 shares of the technology company’s stock worth $203,661,000 after acquiring an additional 214,374 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Novanta by 75.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,462 shares of the technology company’s stock worth $155,536,000 after acquiring an additional 604,055 shares in the last quarter. Wasatch Advisors LP boosted its holdings in Novanta by 10.6% in the 2nd quarter. Wasatch Advisors LP now owns 1,100,029 shares of the technology company’s stock valued at $141,827,000 after purchasing an additional 104,985 shares during the period. Finally, Geneva Capital Management LLC increased its position in shares of Novanta by 5.9% in the second quarter. Geneva Capital Management LLC now owns 988,969 shares of the technology company’s stock worth $127,508,000 after purchasing an additional 54,934 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NOVT. Weiss Ratings raised shares of Novanta from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, January 20th. Zacks Research upgraded shares of Novanta from a “strong sell” rating to a “hold” rating in a report on Friday, January 16th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $133.00.

About Novanta

Novanta, Inc (NASDAQ: NOVT) is a global technology company that designs and manufactures precision components, subsystems and software used in advanced photonics and motion control applications. The company serves customers in the medical device and advanced industrial markets, supplying critical technologies for diagnostics and therapeutic systems, semiconductor and electronics manufacturing, and scientific instrumentation. Novanta’s product portfolio includes laser control modules, optics, beam delivery systems, high-precision motors, actuators, stages, and fluidics solutions designed to meet stringent accuracy and reliability requirements.

Novanta’s Photonics segment delivers laser and energy delivery components that enable minimally invasive surgical procedures and diagnostic imaging.