United Services Automobile Association Acquires Shares of 2,374 Novanta Inc. $NOVT

Key Points

• United Services Automobile Association acquired 2,374 shares of Novanta Inc. for approximately $306,000 in the first quarter, indicating growing institutional interest in the company.
• Novanta recently reported $0.76 earnings per share, exceeding analysts' estimates and marking a 2.2% increase in revenue compared to the same quarter last year.
• Wall Street analysts have downgraded Novanta from a "buy" to a "hold" rating, with a consensus target price of $133.00 per share.

United Services Automobile Association bought a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,374 shares of the technology company's stock, valued at approximately $306,000.

Several other institutional investors also recently modified their holdings of the stock. Parallel Advisors LLC lifted its stake in Novanta by 1,426.7% in the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after acquiring an additional 214 shares in the last quarter. SVB Wealth LLC bought a new stake in shares of Novanta during the 1st quarter worth $48,000. GAMMA Investing LLC raised its position in Novanta by 146.0% in the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after purchasing an additional 238 shares during the last quarter. CWM LLC raised its position in Novanta by 329.8% in the first quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after purchasing an additional 310 shares during the last quarter. Finally, Signaturefd LLC raised its position in shares of Novanta by 80.0% during the first quarter. Signaturefd LLC now owns 414 shares of the technology company's stock worth $53,000 after acquiring an additional 184 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Performance

Novanta stock traded down $0.75 during trading on Monday, reaching $113.78. The company had a trading volume of 361,082 shares, compared to its average volume of 317,101. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $184.11. The firm's 50-day simple moving average is $120.36 and its 200 day simple moving average is $123.58. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of 66.93 and a beta of 1.50. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.02. The business had revenue of $241.05 million for the quarter, compared to analysts' expectations of $237.97 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The company's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.73 EPS. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. Sell-side analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on NOVT shares. Robert W. Baird reduced their price objective on Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a research note on Monday, August 11th. Wall Street Zen cut Novanta from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, Novanta has a consensus rating of "Hold" and an average price target of $133.00.

Novanta Company Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.