California State Teachers Retirement System Increases Stock Position in Novanta Inc. $NOVT

California State Teachers Retirement System grew its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 0.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 41,758 shares of the technology company's stock after acquiring an additional 131 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Novanta worth $6,774,818 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Bamco Inc. NY purchased a new stake in shares of Novanta during the 2nd quarter worth about $137,984,000. William Blair Investment Management LLC bought a new stake in shares of Novanta during the 2nd quarter valued at $124,254,000. GW&K Investment Management LLC raised its stake in shares of Novanta by 187.3% during the fourth quarter. GW&K Investment Management LLC now owns 736,954 shares of the technology company's stock valued at $87,691,000 after acquiring an additional 480,413 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Novanta during the second quarter valued at approximately $71,407,000. Finally, Sculptor Capital LP purchased a new position in Novanta in the fourth quarter valued at approximately $51,265,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Performance

Shares of NOVT traded down $0.97 during mid-day trading on Tuesday, hitting $139.08. 207,622 shares of the company's stock were exchanged, compared to its average volume of 448,049. The stock's 50-day simple moving average is $149.34 and its 200-day simple moving average is $143.49. Novanta Inc. has a 52 week low of $98.27 and a 52 week high of $176.38. The company has a quick ratio of 3.79, a current ratio of 4.57 and a debt-to-equity ratio of 0.12. The firm has a market cap of $5.26 billion, a price-to-earnings ratio of 89.15 and a beta of 1.67.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.06. Novanta had a return on equity of 10.83% and a net margin of 6.00%.The business had revenue of $265.81 million for the quarter, compared to analyst estimates of $262.30 million. During the same period last year, the company posted $0.76 earnings per share. Novanta's quarterly revenue was up 10.3% compared to the same quarter last year. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. On average, equities research analysts expect that Novanta Inc. will post 3.7 EPS for the current year.

Insider Activity at Novanta

In other news, CEO Matthijs Glastra sold 6,500 shares of the company's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $161.13, for a total value of $1,047,345.00. Following the sale, the chief executive officer directly owned 29,761 shares of the company's stock, valued at $4,795,389.93. This represents a 17.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NOVT. Robert W. Baird set a $194.00 price objective on Novanta in a research note on Friday, August 7th. Wall Street Zen upgraded Novanta from a "hold" rating to a "buy" rating in a report on Sunday, August 9th. Zacks Research upgraded shares of Novanta from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 14th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Novanta in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $194.00.

Novanta Profile

Novanta Inc is a technology company that develops and supplies equipment and components used in medical and advanced industrial applications. The company primarily serves original equipment manufacturers, integrating its technologies into systems used by healthcare providers, life sciences organizations and industrial customers.

Novanta's product portfolio includes medical technologies such as surgical visualization systems, insufflation and fluid-management equipment, and other components used in minimally invasive procedures.

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