Jane Street Group LLC Decreases Position in Novanta Inc. (NASDAQ:NOVT)

Jane Street Group LLC decreased its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 42.7% during the third quarter, Holdings Channel.com reports. The fund owned 35,999 shares of the technology company’s stock after selling 26,868 shares during the period. Jane Street Group LLC’s holdings in Novanta were worth $6,441,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of NOVT. Conestoga Capital Advisors LLC grew its position in Novanta by 1.6% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,350,651 shares of the technology company’s stock worth $241,658,000 after purchasing an additional 20,825 shares during the last quarter. State Street Corp grew its holdings in shares of Novanta by 2.0% during the third quarter. State Street Corp now owns 1,298,419 shares of the technology company’s stock valued at $232,313,000 after buying an additional 24,929 shares during the last quarter. William Blair Investment Management LLC increased its position in shares of Novanta by 0.4% in the 2nd quarter. William Blair Investment Management LLC now owns 960,152 shares of the technology company’s stock valued at $156,610,000 after acquiring an additional 4,079 shares during the period. Geneva Capital Management LLC raised its stake in Novanta by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 780,046 shares of the technology company’s stock worth $139,566,000 after acquiring an additional 8,574 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Novanta by 10.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 734,728 shares of the technology company’s stock worth $131,457,000 after acquiring an additional 69,858 shares during the period. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Stock Performance

Shares of NASDAQ NOVT opened at $166.20 on Friday. The company has a 50 day simple moving average of $171.55 and a two-hundred day simple moving average of $171.22. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of 99.52 and a beta of 1.26. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12 month low of $146.86 and a 12 month high of $187.12.

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

Insider Transactions at Novanta

In other news, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at $10,131,845.40. The trade was a 11.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Buckley sold 1,111 shares of the company’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $180.45, for a total transaction of $200,479.95. Following the completion of the transaction, the chief financial officer now owns 120,419 shares of the company’s stock, valued at approximately $21,729,608.55. This trade represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,271 shares of company stock worth $2,185,107 over the last quarter. 1.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

About Novanta

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.