Price T Rowe Associates Inc. MD Sells 76,021 Shares of Novanta Inc. $NOVT

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 reduced its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 4.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,831,820 shares of the technology company's stock after selling 76,021 shares during the period. Price T Rowe Associates Inc. MD owned 5.09% of Novanta worth $234,236,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NOVT. CANADA LIFE ASSURANCE Co grew its stake in Novanta by 2.0% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 23,886 shares of the technology company's stock worth $3,646,000 after acquiring an additional 468 shares in the last quarter. First Trust Advisors LP grew its stake in Novanta by 22.8% in the 4th quarter. First Trust Advisors LP now owns 5,909 shares of the technology company's stock worth $903,000 after acquiring an additional 1,096 shares in the last quarter. Stifel Financial Corp grew its stake in Novanta by 27.6% in the 4th quarter. Stifel Financial Corp now owns 9,577 shares of the technology company's stock worth $1,463,000 after acquiring an additional 2,071 shares in the last quarter. Susquehanna International Group LLP grew its stake in Novanta by 816.9% in the 4th quarter. Susquehanna International Group LLP now owns 15,335 shares of the technology company's stock worth $2,343,000 after acquiring an additional 17,474 shares in the last quarter. Finally, Pinebridge Investments L.P. grew its stake in Novanta by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 14,354 shares of the technology company's stock worth $2,193,000 after acquiring an additional 4,293 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NOVT shares. Wall Street Zen downgraded shares of Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. Robert W. Baird dropped their price objective on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a research note on Monday, August 11th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $133.00.

Novanta Price Performance

NASDAQ NOVT opened at $122.97 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54. The firm's 50 day moving average price is $123.93 and its 200-day moving average price is $126.99. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $186.75. The company has a market cap of $4.42 billion, a PE ratio of 72.34 and a beta of 1.48.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.02. The company had revenue of $241.05 million during the quarter, compared to the consensus estimate of $237.97 million. Novanta had a net margin of 6.41% and a return on equity of 14.70%. Novanta's revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm earned $0.73 earnings per share. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. Sell-side analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

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.

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