Novanta Inc. $NOVT Stock Position Decreased by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. has reduced its stake in Novanta Inc. by 9.1%, selling 91,042 shares and now holding approximately 2.54% of the company.
• Analysts have downgraded Novanta's stock from a "buy" to a "hold" rating, with a target price lowered from $139.00 to $133.00.
• In its recent quarterly earnings report, Novanta reported $0.76 earnings per share, exceeding analyst expectations, with a revenue of $241.05 million.

Alliancebernstein L.P. reduced its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 913,837 shares of the technology company's stock after selling 91,042 shares during the period. Alliancebernstein L.P. owned approximately 2.54% of Novanta worth $116,852,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOVT. First Trust Advisors LP boosted its position in shares of Novanta by 22.8% during the 4th quarter. First Trust Advisors LP now owns 5,909 shares of the technology company's stock valued at $903,000 after purchasing an additional 1,096 shares in the last quarter. Susquehanna International Group LLP boosted 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 in the last quarter. Ameriprise Financial Inc. grew its position in Novanta by 9.9% in the fourth quarter. Ameriprise Financial Inc. now owns 457,225 shares of the technology company's stock worth $69,850,000 after buying an additional 41,024 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Novanta in the fourth quarter valued at $733,000. Finally, Deutsche Bank AG grew its holdings in shares of Novanta by 57.5% in the 4th quarter. Deutsche Bank AG now owns 33,840 shares of the technology company's stock worth $5,170,000 after acquiring an additional 12,350 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Novanta Stock Up 2.6%

Shares of NOVT traded up $3.01 during trading hours on Thursday, reaching $117.97. The company's stock had a trading volume of 232,599 shares, compared to its average volume of 346,259. The company has a 50 day moving average of $121.04 and a two-hundred day moving average of $124.35. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The firm has a market cap of $4.24 billion, a price-to-earnings ratio of 69.39 and a beta of 1.50. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $184.11.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.02. The firm had revenue of $241.05 million for 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 was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm 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, research analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

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