Castleark Management LLC acquired a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 83,190 shares of the technology company's stock, valued at approximately $13,497,000. Castleark Management LLC owned about 0.22% of Novanta at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in Novanta by 78.9% in the 1st quarter. AQR Capital Management LLC now owns 4,231 shares of the technology company's stock valued at $537,000 after purchasing an additional 1,866 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Novanta by 1.6% during the first quarter. Goldman Sachs Group Inc. now owns 419,037 shares of the technology company's stock worth $53,582,000 after purchasing an additional 6,533 shares during the period. Jane Street Group LLC increased its position in Novanta by 1,762.5% during the first quarter. Jane Street Group LLC now owns 61,631 shares of the technology company's stock worth $7,881,000 after buying an additional 58,322 shares during the last quarter. First Trust Advisors LP acquired a new position in Novanta during the second quarter worth approximately $528,000. Finally, Amundi raised its stake in Novanta by 2.0% in the second quarter. Amundi now owns 18,042 shares of the technology company's stock valued at $2,397,000 after buying an additional 347 shares during the period. 98.35% of the stock is owned by institutional investors.
Novanta Stock Up 0.1%
Shares of NOVT opened at $139.65 on Wednesday. Novanta Inc. has a 52 week low of $98.27 and a 52 week high of $176.38. The firm has a market cap of $5.28 billion, a P/E ratio of 89.52 and a beta of 1.68. The firm's 50-day simple moving average is $152.87 and its 200 day simple moving average is $143.24. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.79 and a current ratio of 4.57.
Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.06. The firm had revenue of $265.81 million for the quarter, compared to analysts' expectations of $262.30 million. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The business's revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 EPS. 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, analysts forecast that Novanta Inc. will post 3.7 earnings per share for the current year.
Insider Buying and Selling at Novanta
In other news, CEO Matthijs Glastra sold 6,500 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $161.13, for a total transaction of $1,047,345.00. Following the transaction, the chief executive officer owned 29,761 shares in the company, valued at approximately $4,795,389.93. This trade represents a 17.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.20% of the company's stock.
Analyst Upgrades and Downgrades
NOVT has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Novanta in a research report on Wednesday, July 15th. Wall Street Zen raised Novanta from a "hold" rating to a "buy" rating in a report on Sunday, August 9th. Zacks Research upgraded Novanta from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 14th. Finally, Robert W. Baird set a $194.00 price target on Novanta in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Novanta presently has a consensus rating of "Buy" and a consensus target price of $194.00.
Get Our Latest Report on Novanta
About Novanta
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Novanta, Inc NASDAQ: NOVT is a global technology company that designs and manufactures precision components, subsystems and software used in advanced photonics and motion control applications. The company serves customers in the medical device and advanced industrial markets, supplying critical technologies for diagnostics and therapeutic systems, semiconductor and electronics manufacturing, and scientific instrumentation. Novanta's product portfolio includes laser control modules, optics, beam delivery systems, high-precision motors, actuators, stages, and fluidics solutions designed to meet stringent accuracy and reliability requirements.
Novanta's Photonics segment delivers laser and energy delivery components that enable minimally invasive surgical procedures and diagnostic imaging.
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