Novanta Inc. $NOVT Shares Bought by Conestoga Capital Advisors LLC

Conestoga Capital Advisors LLC raised its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 15.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,579,626 shares of the technology company's stock after acquiring an additional 214,374 shares during the period. Novanta accounts for about 3.0% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 7th biggest holding. Conestoga Capital Advisors LLC owned about 4.39% of Novanta worth $203,661,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Mutual of America Capital Management LLC boosted its stake in Novanta by 16.5% in the second quarter. Mutual of America Capital Management LLC now owns 53,266 shares of the technology company's stock valued at $6,868,000 after acquiring an additional 7,551 shares during the period. William Blair Investment Management LLC raised its holdings in shares of Novanta by 5.5% during the second quarter. William Blair Investment Management LLC now owns 979,893 shares of the technology company's stock valued at $126,338,000 after buying an additional 51,005 shares during the last quarter. WCM Investment Management LLC raised its holdings in shares of Novanta by 115.1% during the second quarter. WCM Investment Management LLC now owns 158,833 shares of the technology company's stock valued at $20,648,000 after buying an additional 84,976 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Novanta during the second quarter valued at approximately $340,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Novanta by 18.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 895,119 shares of the technology company's stock valued at $117,099,000 after buying an additional 141,112 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on NOVT. Zacks Research raised Novanta from a "strong sell" rating to a "hold" rating in a report on Monday, October 6th. Wall Street Zen cut Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Robert W. Baird cut 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. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Novanta in a report on Wednesday, October 8th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $133.00.

Novanta Price Performance

NASDAQ NOVT opened at $105.56 on Monday. The stock has a market capitalization of $3.80 billion, a P/E ratio of 62.09 and a beta of 1.49. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $184.11. The business's fifty day moving average is $111.60 and its two-hundred day moving average is $118.66. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.02. The company had revenue of $241.05 million for 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 revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company 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. On average, research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta declared that its board has initiated a stock buyback plan on Thursday, September 18th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 4.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.