6,910 Shares in Novanta Inc. $NOVT Purchased by Algert Global LLC

Key Points

• Algert Global LLC has acquired a new stake in Novanta Inc., purchasing 6,910 shares valued at approximately $884,000 during the first quarter.
• Various institutional investors, including Principal Financial Group Inc. and Teacher Retirement System of Texas, have adjusted their positions in Novanta, with a significant overall ownership of 98.35% of the stock by institutional investors.
• Analysts have set a consensus rating of "Hold" for Novanta Inc., with an average price target of $133.00, reflecting a recent downgrade from a "buy" rating by Wall Street Zen.

Algert Global LLC bought a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,910 shares of the technology company's stock, valued at approximately $884,000.

Several other institutional investors and hedge funds have also bought and sold shares of NOVT. CANADA LIFE ASSURANCE Co boosted its stake in Novanta by 2.0% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 23,886 shares of the technology company's stock worth $3,646,000 after acquiring an additional 468 shares in the last quarter. First Trust Advisors LP boosted its stake in Novanta by 22.8% during the fourth quarter. First Trust Advisors LP now owns 5,909 shares of the technology company's stock worth $903,000 after acquiring an additional 1,096 shares in the last quarter. Stifel Financial Corp raised its holdings in Novanta by 27.6% during the fourth quarter. Stifel Financial Corp now owns 9,577 shares of the technology company's stock worth $1,463,000 after buying an additional 2,071 shares during the last quarter. Susquehanna International Group LLP raised its holdings in Novanta by 816.9% during the fourth quarter. Susquehanna International Group LLP now owns 15,335 shares of the technology company's stock worth $2,343,000 after buying an additional 17,474 shares during the last quarter. Finally, Pinebridge Investments L.P. raised its holdings in Novanta by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 14,354 shares of the technology company's stock worth $2,193,000 after buying an additional 4,293 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Novanta Stock Down 1.4%

Shares of NOVT stock traded down $1.66 on Friday, hitting $116.41. The stock had a trading volume of 398,925 shares, compared to its average volume of 466,900. The business has a 50 day moving average of $123.48 and a 200 day moving average of $126.11. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of 68.48 and a beta of 1.48. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $186.14.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.74 by $0.02. The company had revenue of $241.05 million during the quarter, compared to the consensus estimate of $237.97 million. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The firm's revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.73 earnings per share. 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, analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wall Street Zen downgraded shares of Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Robert W. Baird lowered 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. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $133.00.

About Novanta

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.