Novanta Inc. $NOVT Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Novanta stake by 9.5% in the third quarter, selling 173,346 shares. It held 1,644,248 shares, worth about $236.1 million at quarter-end.
• Institutional investors and hedge funds collectively owned 98.35% of Novanta shares, with several other firms reporting modest stake increases.
• Analyst sentiment was mixed but averaged to a Hold rating, with a consensus price target of $194. Novanta shares opened at $135.15 in the reported session.

Allspring Global Investments Holdings LLC decreased its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,644,248 shares of the technology company's stock after selling 173,346 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 4.35% of Novanta worth $236,081,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Pinnacle Wealth Planning Services Inc. lifted its position in shares of Novanta by 29.5% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 303 shares of the technology company's stock worth $43,000 after buying an additional 69 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in Novanta by 3.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 1,914 shares of the technology company's stock worth $311,000 after acquiring an additional 70 shares in the last quarter. Fifth Third Bancorp raised its stake in Novanta by 12.8% during the 1st quarter. Fifth Third Bancorp now owns 778 shares of the technology company's stock worth $92,000 after acquiring an additional 88 shares in the last quarter. State of Michigan Retirement System raised its stake in Novanta by 1.2% during the 1st quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company's stock worth $1,016,000 after acquiring an additional 100 shares in the last quarter. Finally, Corient Private Wealth LP lifted its position in Novanta by 4.6% in the second quarter. Corient Private Wealth LP now owns 2,499 shares of the technology company's stock valued at $405,000 after acquiring an additional 110 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NOVT shares. Zacks Research lowered Novanta from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 6th. Robert W. Baird set a $194.00 target price on Novanta in a research report on Friday, August 7th. Weiss Ratings reissued a "hold (c-)" rating on shares of Novanta in a report on Tuesday, October 13th. Finally, Wall Street Zen raised Novanta from a "hold" rating to a "buy" rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $194.00.

Novanta Stock Performance

Shares of Novanta stock opened at $135.15 on Monday. Novanta Inc. has a 1 year low of $98.27 and a 1 year high of $176.38. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.79 and a current ratio of 4.57. The company has a market capitalization of $5.11 billion, a P/E ratio of 86.64 and a beta of 1.71. The company's fifty day moving average is $142.18 and its two-hundred day moving average is $142.57.

About Novanta

Novanta develops and manufactures precision technologies used in medical and advanced industrial applications. Its products include photonics and laser components, precision motion-control systems, machine-vision technologies, and related equipment and software.

The company's technologies are used in areas such as medical and surgical systems, life sciences, robotics, and industrial automation. Novanta serves customers internationally, with operations and customers across North America, Europe, and Asia.

Novanta was formerly known as GSI Group and adopted the Novanta name in 2016.

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