Fred Alger Management LLC Sells 97,222 Shares of Novanta Inc. $NOVT

Key Points

• Fred Alger Management LLC has reduced its stake in Novanta Inc. by 58.7%, from 165,740 shares to 68,518 shares, worth approximately $8.76 million.
• Several institutional investors have also adjusted their positions in Novanta, with 98.35% of the company's stock now held by such entities.
• Novanta's stock received a shift in analyst ratings, with Wall Street Zen downgrading it from a "buy" to a "hold" and setting an average target price of $133.00.

Fred Alger Management LLC lowered its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 58.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 68,518 shares of the technology company's stock after selling 97,222 shares during the period. Fred Alger Management LLC owned approximately 0.19% of Novanta worth $8,761,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of NOVT. Parallel Advisors LLC lifted its holdings in shares of Novanta by 1,426.7% during the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after purchasing an additional 214 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Novanta during the 1st quarter valued at about $48,000. GAMMA Investing LLC lifted its holdings in shares of Novanta by 146.0% during the 1st quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after purchasing an additional 238 shares in the last quarter. CWM LLC lifted its holdings in shares of Novanta by 329.8% during 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 in the last quarter. Finally, Signaturefd LLC lifted its holdings in shares of Novanta by 80.0% during the 1st quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after purchasing an additional 184 shares in the last quarter. Institutional investors own 98.35% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on NOVT shares. Robert W. Baird cut their price objective on Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a report on Monday, August 11th. Wall Street Zen cut Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, Novanta currently has a consensus rating of "Hold" and a consensus price target of $133.00.

Novanta Stock Down 2.9%

Shares of NASDAQ NOVT traded down $3.44 during midday trading on Friday, reaching $114.53. The company's stock had a trading volume of 199,544 shares, compared to its average volume of 317,101. 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 Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $184.11. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of 67.37 and a beta of 1.50. The stock has a 50 day simple moving average of $120.66 and a 200-day simple moving average of $123.79.

Novanta (NASDAQ:NOVT - Get Free Report) last posted 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. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The company had revenue of $241.05 million for the quarter, compared to the consensus estimate of $237.97 million. During the same period last year, the company earned $0.73 earnings per share. The firm's revenue was up 2.2% compared to the same quarter last year. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. Equities research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current 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.