T. Rowe Price Investment Management Inc. Increases Position in Novanta Inc. $NOVT

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Novanta Inc. by 1.9%, holding approximately 693,090 shares valued at $88.6 million after acquiring an additional 12,921 shares in Q1.
• Multiple hedge funds have also increased their positions in Novanta, with Susquehanna International Group LLP notably raising its holdings by 816.9% during the 4th quarter.
• Novanta's stock has a consensus rating of "Hold" from analysts, with a revised price target of $133.00 following recent downgrades from brokerages.

T. Rowe Price Investment Management Inc. increased its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 1.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 693,090 shares of the technology company's stock after purchasing an additional 12,921 shares during the quarter. T. Rowe Price Investment Management Inc. owned 1.93% of Novanta worth $88,626,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Parallel Advisors LLC boosted its stake in shares of Novanta by 1,426.7% in the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after buying an additional 214 shares during the period. Johnson Financial Group Inc. boosted its holdings in Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock valued at $49,000 after purchasing an additional 270 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Novanta by 146.0% in the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after purchasing an additional 238 shares in the last quarter. CWM LLC boosted its holdings in Novanta by 329.8% in the first quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after purchasing an additional 310 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in Novanta by 80.0% in the first quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after purchasing an additional 184 shares in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Stock Performance

NASDAQ:NOVT traded down $0.45 on Wednesday, hitting $117.52. The company's stock had a trading volume of 192,816 shares, compared to its average volume of 293,530. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57. The stock has a fifty day moving average of $123.73 and a two-hundred day moving average of $126.58. The firm has a market capitalization of $4.23 billion, a P/E ratio of 69.23 and a beta of 1.48. Novanta Inc. has a one year low of $98.76 and a one year high of $186.14.

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, topping analysts' consensus estimates of $0.74 by $0.02. The company had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The firm's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company 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. Research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NOVT. Robert W. Baird reduced their price objective on Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a research note on Monday, August 11th. Wall Street Zen cut Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Novanta presently has an average rating of "Hold" and a consensus target price 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.