State Street Corp Buys 97,621 Shares of Novanta Inc. $NOVT

Key Points

• State Street increased its Novanta stake by 7.3%, acquiring 97,621 additional shares to own 1.44 million shares, or 3.8% of the company. Institutional investors collectively own 98.35% of Novanta.
• Novanta exceeded quarterly expectations, reporting adjusted EPS of $0.89 versus the $0.83 consensus and revenue of $265.81 million. Revenue rose 10.3% year over year, while full-year 2026 EPS guidance was set at $3.68–$3.74.
• Analyst sentiment is generally positive, with Novanta carrying a consensus “Buy” rating and a $194 price target compared with its $144.43 share price. CEO Matthijs Glastra separately sold 6,500 shares under a pre-arranged Rule 10b5-1 trading plan.

State Street Corp boosted its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 7.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,436,785 shares of the technology company's stock after acquiring an additional 97,621 shares during the period. State Street Corp owned 3.80% of Novanta worth $233,005,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Bamco Inc. NY purchased a new position in Novanta during the second quarter valued at $137,984,000. William Blair Investment Management LLC bought a new stake in shares of Novanta in the 2nd quarter valued at approximately $124,254,000. GW&K Investment Management LLC boosted its stake in Novanta by 187.3% during the fourth quarter. GW&K Investment Management LLC now owns 736,954 shares of the technology company's stock worth $87,691,000 after buying an additional 480,413 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Novanta during the second quarter valued at approximately $71,407,000. Finally, Sculptor Capital LP bought a new position in shares of Novanta during the fourth quarter valued at approximately $51,265,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Trading Up 0.2%

Shares of NASDAQ:NOVT opened at $144.43 on Thursday. The business's 50-day moving average is $147.59 and its 200 day moving average is $143.50. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.57 and a quick ratio of 3.79. Novanta Inc. has a 1 year low of $98.27 and a 1 year high of $176.38. The firm has a market capitalization of $5.46 billion, a P/E ratio of 92.58 and a beta of 1.67.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.06. The firm had revenue of $265.81 million for the quarter, compared to the consensus estimate of $262.30 million. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The company's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.76 earnings per share. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. On average, research analysts predict that Novanta Inc. will post 3.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

NOVT has been the topic of several recent analyst reports. Zacks Research raised shares of Novanta from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 14th. Wall Street Zen upgraded shares of Novanta from a "hold" rating to a "buy" rating in a report on Sunday, August 9th. Robert W. Baird set a $194.00 price objective on shares of Novanta in a research note on Friday, August 7th. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Novanta in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Novanta has an average rating of "Buy" and a consensus price target of $194.00.

Insider Activity

In other news, CEO Matthijs Glastra sold 6,500 shares of the business's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $161.13, for a total transaction of $1,047,345.00. Following the sale, the chief executive officer directly owned 29,761 shares of the company's stock, valued at $4,795,389.93. The trade was a 17.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.20% of the company's stock.

Novanta Company Profile

Novanta Inc is a technology company that develops and supplies equipment and components used in medical and advanced industrial applications. The company primarily serves original equipment manufacturers, integrating its technologies into systems used by healthcare providers, life sciences organizations and industrial customers.

Novanta's product portfolio includes medical technologies such as surgical visualization systems, insufflation and fluid-management equipment, and other components used in minimally invasive procedures.

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