Novanta Inc. $NOVT Shares Sold by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD sold 76,021 shares of Novanta Inc., reducing its stake by 4.0%, now owning 1,831,820 shares valued at approximately $234 million.
• Novanta has experienced changes in institutional ownership, with firms like CANADA LIFE ASSURANCE Co and First Trust Advisors LP increasing their stakes during the last quarter.
• Analysts have downgraded Novanta from a "buy" to a "hold" rating, with a revised target price of $133.00, reflecting a cautious outlook on the company's stock performance.

Price T Rowe Associates Inc. MD decreased its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 4.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,831,820 shares of the technology company's stock after selling 76,021 shares during the quarter. Price T Rowe Associates Inc. MD owned 5.09% of Novanta worth $234,236,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP grew its position in shares of Novanta by 1.9% in the 1st quarter. Wellington Management Group LLP now owns 485,196 shares of the technology company's stock worth $62,042,000 after acquiring an additional 9,243 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Novanta by 1.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 693,090 shares of the technology company's stock worth $88,626,000 after acquiring an additional 12,921 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Novanta by 0.9% in the 1st quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company's stock worth $11,710,000 after acquiring an additional 797 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Novanta in the 1st quarter worth approximately $818,000. Finally, Quantbot Technologies LP grew its position in shares of Novanta by 39.9% in the 1st quarter. Quantbot Technologies LP now owns 19,999 shares of the technology company's stock worth $2,557,000 after acquiring an additional 5,704 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Performance

NASDAQ:NOVT traded down $0.77 during midday trading on Friday, reaching $117.31. 147,371 shares of the company traded hands, compared to its average volume of 295,554. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $186.14. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of 69.00 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 moving average price of $123.56 and a 200 day moving average price of $126.32.

Novanta (NASDAQ:NOVT - Get Free Report) last released 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 return on equity of 14.70% and a net margin of 6.41%.The business had revenue of $241.05 million during the quarter, compared to analyst estimates of $237.97 million. During the same quarter in the previous year, the firm posted $0.73 EPS. The business's revenue for the quarter 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. On average, analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NOVT has been the subject of several research reports. Wall Street Zen lowered Novanta from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. Robert W. Baird decreased their target price on Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a research report on Monday, August 11th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $133.00.

Novanta Company 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.