Nuveen LLC Buys Shares of 125,714 Novanta Inc. $NOVT

Key Points

• Nuveen LLC acquired a new stake in Novanta Inc. worth approximately $16.08 million, owning about 0.35% of the company after acquiring 125,714 shares.
• Multiple hedge funds significantly increased their positions in Novanta, with Parallel Advisors LLC leading the charge with a 1,426.7% increase during the first quarter.
• Novanta's stock saw a decline of 4.2% recently, with analysts adjusting their target price down to $133.00 and shifting some ratings to "hold."

Nuveen LLC acquired a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 125,714 shares of the technology company's stock, valued at approximately $16,075,000. Nuveen LLC owned approximately 0.35% of Novanta as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Conestoga Capital Advisors LLC raised its stake in shares of Novanta by 1.3% in the 1st quarter. Conestoga Capital Advisors LLC now owns 1,365,252 shares of the technology company's stock valued at $174,575,000 after buying an additional 17,220 shares in the last quarter. Geneva Capital Management LLC grew 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 worth $119,435,000 after purchasing an additional 81,397 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of Novanta by 69.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company's stock worth $103,910,000 after purchasing an additional 279,793 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Novanta by 14.0% in the 4th quarter. Northern Trust Corp now owns 487,688 shares of the technology company's stock worth $74,504,000 after purchasing an additional 59,986 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Novanta by 9.9% in the 4th quarter. Ameriprise Financial Inc. now owns 457,225 shares of the technology company's stock worth $69,850,000 after purchasing an additional 41,024 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Price Performance

NASDAQ:NOVT traded down $0.76 during mid-day trading on Tuesday, reaching $117.97. 611,812 shares of the company were exchanged, compared to its average volume of 426,107. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $186.14. The company has a fifty day moving average of $123.73 and a 200 day moving average of $126.58. 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 $4.24 billion, a PE ratio of 69.39 and a beta of 1.48.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, topping 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 firm had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. During the same quarter in the prior year, the firm 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. On average, research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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