Axiom Investors LLC DE Sells 24,446 Shares of Novanta Inc. $NOVT

Key Points

• Axiom Investors LLC DE reduced its stake in Novanta Inc. by 39.2%, selling 24,446 shares, and now holds 37,986 shares valued at approximately $4.86 million.
• Several other institutional investors have increased their holdings, including Nuveen LLC, which acquired a stake worth about $16.08 million, and Millennium Management LLC, which raised its stake by 2,714.7%.
• Novanta recently reported earnings of $0.76 per share, beating estimates, with a revenue of $241.05 million, and analysts predict an earnings per share of 3.03 for the current fiscal year.

Axiom Investors LLC DE lessened its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 39.2% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 37,986 shares of the technology company's stock after selling 24,446 shares during the quarter. Axiom Investors LLC DE owned about 0.11% of Novanta worth $4,857,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on NOVT. Robert W. Baird lowered their price objective 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 downgraded shares of Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $133.00.

Novanta Price Performance

Novanta stock traded up $0.44 during mid-day trading on Thursday, reaching $118.07. 376,244 shares of the company were exchanged, compared to its average volume of 296,644. The firm has a market cap of $4.25 billion, a PE ratio of 69.45 and a beta of 1.48. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. The company has a fifty day simple moving average of $123.64 and a 200-day simple moving average of $126.52. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $186.14.

Novanta (NASDAQ:NOVT - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.02. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The company had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. During the same period in the prior year, the firm posted $0.73 EPS. Novanta's quarterly revenue was up 2.2% on a year-over-year basis. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. As a group, equities research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta 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.