Novanta Inc. (NASDAQ:NOVT) Shares Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. raised its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 2.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,147 shares of the technology company’s stock after acquiring an additional 620 shares during the quarter. Oppenheimer Asset Management Inc. owned approximately 0.07% of Novanta worth $4,320,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in NOVT. Price T Rowe Associates Inc. MD boosted its position in shares of Novanta by 4.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,007,407 shares of the technology company’s stock worth $350,836,000 after acquiring an additional 79,718 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Novanta by 10.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 734,728 shares of the technology company’s stock valued at $131,457,000 after purchasing an additional 69,858 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Novanta by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 3,861,416 shares of the technology company’s stock valued at $674,860,000 after purchasing an additional 45,937 shares during the last quarter. Blair William & Co. IL lifted its holdings in shares of Novanta by 10.1% in the 2nd quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock valued at $73,172,000 after purchasing an additional 41,296 shares during the last quarter. Finally, Conestoga Capital Advisors LLC raised its stake in Novanta by 2.4% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,329,826 shares of the technology company’s stock valued at $216,908,000 after acquiring an additional 31,290 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Novanta Stock Performance

Shares of NOVT stock opened at $168.19 on Friday. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 100.71 and a beta of 1.29. The stock has a 50 day simple moving average of $174.02 and a 200-day simple moving average of $170.48. Novanta Inc. has a 12-month low of $137.82 and a 12-month high of $187.12. 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 (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.85. The business had revenue of $244.40 million for the quarter, compared to analysts’ expectations of $242.33 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.85 EPS. On average, equities analysts forecast that Novanta Inc. will post 3.03 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Robert Buckley sold 1,111 shares of Novanta stock in a transaction on Friday, September 27th. The stock was 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. The trade was a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $1,347,750.00. Following the completion of the sale, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at approximately $10,131,845.40. This represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,650 shares of company stock valued at $2,956,686. Corporate insiders own 1.20% of the company’s stock.

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.