Novanta Inc. (NASDAQ:NOVT) Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC reduced its position in shares of Novanta Inc. (NASDAQ:NOVT) by 3.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,459 shares of the technology company’s stock after selling 552 shares during the period. Townsquare Capital LLC’s holdings in Novanta were worth $2,587,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NOVT. Diversified Trust Co lifted its stake in shares of Novanta by 3.4% during the second quarter. Diversified Trust Co now owns 4,640 shares of the technology company’s stock valued at $757,000 after buying an additional 152 shares during the period. Yarbrough Capital LLC raised its holdings in Novanta by 38.0% in the 2nd quarter. Yarbrough Capital LLC now owns 7,735 shares of the technology company’s stock valued at $1,262,000 after acquiring an additional 2,130 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Novanta by 3.5% during the 2nd quarter. Raymond James & Associates now owns 50,640 shares of the technology company’s stock worth $8,260,000 after purchasing an additional 1,720 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Novanta by 12.6% during the second quarter. Nisa Investment Advisors LLC now owns 1,180 shares of the technology company’s stock worth $192,000 after purchasing an additional 132 shares during the last quarter. Finally, Nicholas Company Inc. grew its position in shares of Novanta by 41.7% in the second quarter. Nicholas Company Inc. now owns 19,915 shares of the technology company’s stock valued at $3,248,000 after purchasing an additional 5,865 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Price Performance

Novanta stock opened at $166.98 on Friday. Novanta Inc. has a 1 year low of $142.35 and a 1 year high of $187.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The firm has a 50 day moving average price of $173.26 and a 200 day moving average price of $171.04. The company has a market cap of $6.00 billion, a price-to-earnings ratio of 99.99 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.85. The company had revenue of $244.40 million during the quarter, compared to analysts’ expectations of $242.33 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.85 EPS. Sell-side analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Insider Transactions at Novanta

In other news, CFO Robert Buckley sold 1,111 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $180.45, for a total value of $200,479.95. Following the completion of the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $21,729,608.55. This represents a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction on Monday, November 11th. The shares were sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the transaction, the chief executive officer now owns 56,382 shares in the company, valued at $10,131,845.40. The trade was a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,650 shares of company stock worth $2,956,686 in the last three months. 1.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird reduced their target price on Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.