Kayne Anderson Rudnick Investment Management LLC Lowers Stock Holdings in Novanta Inc. $NOVT

Key Points

• Kayne Anderson Rudnick Investment Management LLC has reduced its stake in Novanta Inc. by 5.3%, selling 25,312 shares and maintaining 1.25% ownership, valued at approximately $57.38 million.
• Multiple institutional investors have significantly increased their positions in Novanta, with Parallel Advisors LLC boosting their stake by 1,426.7% during the same period.
• Novanta's stock has received mixed reviews from analysts, with a consensus rating of "Hold" and a price target reduction from $139 to $133, following a recent quarterly earnings report that showed a slight revenue increase.

Kayne Anderson Rudnick Investment Management LLC decreased its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 5.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 448,738 shares of the technology company's stock after selling 25,312 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned approximately 1.25% of Novanta worth $57,380,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Parallel Advisors LLC grew its holdings in Novanta by 1,426.7% during the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock worth $29,000 after acquiring an additional 214 shares during the period. SVB Wealth LLC acquired a new position in shares of Novanta during the 1st quarter worth $48,000. Johnson Financial Group Inc. increased its holdings in shares of Novanta by 482.1% in the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock valued at $49,000 after purchasing an additional 270 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Novanta by 146.0% in the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after purchasing an additional 238 shares during the period. Finally, CWM LLC lifted its stake in shares of Novanta by 329.8% in the first quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after purchasing an additional 310 shares during the period. 98.35% of the stock is owned by institutional investors and hedge funds.

Novanta Price Performance

Novanta stock traded up $0.44 during mid-day trading on Thursday, hitting $118.07. 376,836 shares of the company were exchanged, compared to its average volume of 296,649. 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. The business's 50 day simple moving average is $123.56 and its two-hundred day simple moving average is $126.32. The company has a market capitalization of $4.25 billion, a P/E ratio of 69.45 and a beta of 1.48.

Novanta (NASDAQ:NOVT - Get Free Report) last posted 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. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The business had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. During the same quarter last year, the company earned $0.73 earnings per share. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. Analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on NOVT. Wall Street Zen cut shares of Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Robert W. Baird lowered their price target on Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock 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 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.