United Services Automobile Association Makes New Investment in 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 acquired a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,374 shares of the technology company's stock, valued at approximately $306,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NOVT. Parallel Advisors LLC increased its position in Novanta by 1,426.7% during the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after purchasing an additional 214 shares during the period. SVB Wealth LLC acquired a new stake in Novanta in the 1st quarter valued at $48,000. GAMMA Investing LLC grew its position in Novanta by 146.0% in the 1st 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 period. CWM LLC grew its position in Novanta by 329.8% in the 1st 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 period. Finally, Signaturefd LLC boosted its holdings in Novanta by 80.0% during the 1st 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. Institutional investors and hedge funds own 98.35% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on NOVT. Robert W. Baird cut their price objective on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a report 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 equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Novanta has an average rating of "Hold" and a consensus price target of $133.00.

Novanta Trading Up 4.4%

NOVT stock traded up $4.98 on Thursday, reaching $117.95. The company's stock had a trading volume of 92,107 shares, compared to its average volume of 294,874. The business has a fifty day simple moving average of $119.62 and a two-hundred day simple moving average of $123.44. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $184.11. The firm has a market cap of $4.24 billion, a PE ratio of 69.42 and a beta of 1.50. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54.

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

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.