Moran Wealth Management LLC Acquires 848 Shares of Novanta Inc. (NASDAQ:NOVT)

Moran Wealth Management LLC lifted its holdings in Novanta Inc. (NASDAQ:NOVT) by 40.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 2,963 shares of the technology company’s stock after acquiring an additional 848 shares during the quarter. Moran Wealth Management LLC’s holdings in Novanta were worth $530,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Novanta by 1.2% in the first quarter. Vanguard Group Inc. now owns 3,861,416 shares of the technology company’s stock worth $674,860,000 after purchasing an additional 45,937 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Novanta by 4.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,007,407 shares of the technology company’s stock worth $350,836,000 after purchasing an additional 79,718 shares in the last quarter. Conestoga Capital Advisors LLC increased its holdings in Novanta by 1.6% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,350,651 shares of the technology company’s stock worth $241,658,000 after acquiring an additional 20,825 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in Novanta by 0.4% in the 2nd quarter. William Blair Investment Management LLC now owns 960,152 shares of the technology company’s stock worth $156,610,000 after buying an additional 4,079 shares during the last quarter. Finally, Geneva Capital Management LLC increased its position in shares of Novanta by 1.1% during the third quarter. Geneva Capital Management LLC now owns 780,046 shares of the technology company’s stock worth $139,566,000 after purchasing an additional 8,574 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Trading Up 3.1 %

NOVT opened at $169.79 on Friday. Novanta Inc. has a 12 month low of $142.35 and a 12 month high of $187.12. The business has a fifty day moving average price of $173.80 and a 200 day moving average price of $170.73. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The stock has a market capitalization of $6.10 billion, a price-to-earnings ratio of 101.67 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $244.40 million during the quarter, compared to the consensus estimate of $242.33 million. During the same period in the previous year, the business earned $0.85 EPS. The business’s quarterly revenue was up 10.3% on a year-over-year basis. Sell-side analysts expect that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Insider Transactions at Novanta

In related news, CFO Robert Buckley sold 4,379 shares of Novanta stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $176.20, for a total transaction of $771,579.80. Following the completion of the sale, the chief financial officer now owns 120,419 shares in the company, valued at approximately $21,217,827.80. This trade represents a 3.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the completion of 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 represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,650 shares of company stock worth $2,956,686. Company insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

Separately, Robert W. Baird reduced their price target on Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a 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.