Kayne Anderson Rudnick Investment Management LLC Decreases Stake 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 reduced its holdings in Novanta Inc. (NASDAQ:NOVT - Free Report) by 5.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 448,738 shares of the technology company's stock after selling 25,312 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 1.25% of Novanta worth $57,380,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Jump Financial LLC bought a new stake in shares of Novanta during the first quarter valued at approximately $1,307,000. SVB Wealth LLC bought a new stake in shares of Novanta during the first quarter valued at approximately $48,000. Advantage Alpha Capital Partners LP boosted its position in shares of Novanta by 163.8% during the first quarter. Advantage Alpha Capital Partners LP now owns 38,823 shares of the technology company's stock valued at $4,964,000 after purchasing an additional 24,107 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Novanta by 1.9% during the first quarter. T. Rowe Price Investment Management Inc. now owns 693,090 shares of the technology company's stock valued at $88,626,000 after purchasing an additional 12,921 shares in the last quarter. Finally, Capital Fund Management S.A. bought a new stake in shares of Novanta during the first quarter valued at approximately $1,643,000. 98.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. 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 lowered 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 MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $133.00.

Novanta Stock Down 1.4%

NASDAQ:NOVT traded down $1.66 during trading hours on Friday, reaching $116.41. 398,925 shares of the company traded hands, compared to its average volume of 466,900. The business's 50-day moving average price is $123.48 and its two-hundred day moving average price is $125.96. The stock has a market capitalization of $4.19 billion, a P/E ratio of 68.48 and a beta of 1.48. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $186.14. 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 (NASDAQ:NOVT - Get Free Report) last announced 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 during 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%.The firm's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $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. Analysts predict that Novanta Inc. will post 3.03 earnings per share 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.