Algert Global LLC Acquires New Holdings in Novanta Inc. $NOVT

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 acquired a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 6,910 shares of the technology company's stock, valued at approximately $884,000.

Other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of Novanta by 0.9% in the 1st quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company's stock valued at $11,710,000 after acquiring an additional 797 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of Novanta in the 1st quarter valued at approximately $818,000. GAMMA Investing LLC raised its stake in shares of 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 acquiring an additional 238 shares in the last quarter. Parallel Advisors LLC increased its position in Novanta by 1,426.7% in the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock worth $29,000 after buying an additional 214 shares during the period. Finally, D. E. Shaw & Co. Inc. bought a new position in Novanta in the 4th quarter worth approximately $3,681,000. 98.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on NOVT. Robert W. Baird dropped their price target on Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a research report on Monday, August 11th. Wall Street Zen downgraded Novanta from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $133.00.

Novanta Stock Performance

NOVT opened at $122.97 on Friday. The stock has a market cap of $4.42 billion, a PE ratio of 72.34 and a beta of 1.48. 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 Inc. has a 1 year low of $98.76 and a 1 year high of $186.75. The stock's 50 day simple moving average is $123.93 and its 200-day simple moving average is $126.99.

Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%.Novanta's quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business 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. Sell-side 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.

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