70,000 Shares in Novanta Inc. $NOVT Purchased by Southpoint Capital Advisors LP

Key Points

• Southpoint Capital Advisors LP has acquired 70,000 shares of Novanta Inc., valued at approximately $8.95 million, indicating a growing interest from institutional investors in the technology firm.
• Novanta reported $0.76 earnings per share for the last quarter, surpassing estimates, and projected FY 2025 earnings guidance between $3.220 and $3.360 per share.
• Despite some hedge funds increasing their stakes, several analysts have recently downgraded Novanta's rating, with a consensus target price now set at $133.00.

Southpoint Capital Advisors LP acquired a new stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 70,000 shares of the technology company's stock, valued at approximately $8,951,000. Southpoint Capital Advisors LP owned 0.19% of Novanta as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Conestoga Capital Advisors LLC lifted its stake in Novanta by 1.3% in the first 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 lifted its stake in Novanta by 9.5% in the first quarter. Geneva Capital Management LLC now owns 934,035 shares of the technology company's stock valued at $119,435,000 after buying an additional 81,397 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Novanta by 1.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 693,090 shares of the technology company's stock valued at $88,626,000 after buying an additional 12,921 shares in the last quarter. Champlain Investment Partners LLC lifted its stake in Novanta by 45.6% in the first quarter. Champlain Investment Partners LLC now owns 596,190 shares of the technology company's stock valued at $76,235,000 after buying an additional 186,848 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Novanta by 14.0% in the fourth quarter. Northern Trust Corp now owns 487,688 shares of the technology company's stock valued at $74,504,000 after buying an additional 59,986 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Trading Up 0.7%

NASDAQ NOVT traded up $0.75 during trading hours on Friday, reaching $116.10. The company's stock had a trading volume of 247,311 shares, compared to its average volume of 400,842. The firm has a fifty day simple moving average of $122.29 and a 200-day simple moving average of $125.06. The stock has a market cap of $4.18 billion, a P/E ratio of 68.29 and a beta of 1.50. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $184.11. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62.

Novanta (NASDAQ:NOVT - Get Free Report) last issued 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 business had revenue of $241.05 million during the quarter, compared to analyst estimates of $237.97 million. During the same quarter last year, the business earned $0.73 EPS. The firm's quarterly 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. Equities analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

NOVT has been the topic of a number of research reports. Wall Street Zen lowered shares of Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. Robert W. Baird decreased their price target 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 analyst has rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $133.00.

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.