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

Key Points

• Axiom Investors LLC DE reduced its position in Novanta Inc. by 39.2%, now holding approximately 0.11% of the company valued at $4,857,000.
• Shares of Novanta opened at $116.10, with a market cap of $4.18 billion and a price-to-earnings ratio of 68.29.
• Equities analysts have generally rated Novanta as a "Hold", with a consensus price target of $133.00 following recent adjustments.

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

Several other institutional investors and hedge funds have also recently modified their holdings of NOVT. Champlain Investment Partners LLC raised its holdings in shares of Novanta by 45.6% in the 1st quarter. Champlain Investment Partners LLC now owns 596,190 shares of the technology company's stock valued at $76,235,000 after acquiring an additional 186,848 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Novanta by 180.7% in the 1st quarter. Millennium Management LLC now owns 247,848 shares of the technology company's stock valued at $31,692,000 after acquiring an additional 159,551 shares in the last quarter. Clearline Capital LP purchased a new stake in shares of Novanta in the 1st quarter valued at about $17,117,000. Nuveen LLC purchased a new stake in shares of Novanta in the 1st quarter valued at about $16,075,000. Finally, Geneva Capital Management LLC raised its holdings in shares of Novanta by 9.5% in the 1st quarter. Geneva Capital Management LLC now owns 934,035 shares of the technology company's stock valued at $119,435,000 after acquiring an additional 81,397 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Price Performance

Shares of Novanta stock traded down $3.44 during trading on Friday, hitting $114.53. 169,030 shares of the stock traded hands, compared to its average volume of 295,423. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of 67.37 and a beta of 1.50. The firm's fifty day moving average is $121.04 and its 200-day moving average is $124.35. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $184.11.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, beating 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 firm 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 company earned $0.73 EPS. The company's 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. Research analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NOVT. Wall Street Zen cut 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 analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price 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.