Independent Advisor Alliance Decreases Stake in Novanta Inc. (NASDAQ:NOVT)

Independent Advisor Alliance cut its holdings in Novanta Inc. (NASDAQ:NOVT) by 2.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,725 shares of the technology company’s stock after selling 90 shares during the quarter. Independent Advisor Alliance’s holdings in Novanta were worth $666,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Clearline Capital LP boosted its stake in shares of Novanta by 71.1% in the second quarter. Clearline Capital LP now owns 11,497 shares of the technology company’s stock valued at $1,875,000 after buying an additional 4,778 shares in the last quarter. GAMMA Investing LLC boosted its position in Novanta by 33.1% during the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after purchasing an additional 59 shares in the last quarter. Raymond James & Associates boosted its position in Novanta by 3.5% during the second 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 in the last quarter. Blair William & Co. IL boosted its position in Novanta by 10.1% during the second quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock worth $73,172,000 after purchasing an additional 41,296 shares in the last quarter. Finally, Argent Capital Management LLC purchased a new stake in Novanta during the second quarter worth $294,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Robert W. Baird decreased 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.

Insider Activity

In related news, CEO Matthijs Glastra sold 7,500 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $179.70, for a total value of $1,347,750.00. Following the completion of the transaction, the chief executive officer now directly owns 56,382 shares in the company, valued at approximately $10,131,845.40. This represents a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robert Buckley sold 1,111 shares of the company’s 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 transaction, 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 disclosure for this sale can be found here. Insiders have sold 16,650 shares of company stock worth $2,956,686 over the last three months. 1.20% of the stock is currently owned by corporate insiders.

Novanta Stock Down 1.6 %

NOVT opened at $164.03 on Thursday. The business’s fifty day moving average is $173.62 and its two-hundred day moving average is $171.01. 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 company has a market cap of $5.89 billion, a price-to-earnings ratio of 98.22 and a beta of 1.29. Novanta Inc. has a one year low of $142.35 and a one year high of $187.12.

Novanta (NASDAQ:NOVT) last issued 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. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $244.40 million for the quarter, compared to the consensus estimate of $242.33 million. During the same period in the prior year, the business earned $0.85 earnings per share. The business’s revenue was up 10.3% on a year-over-year basis. Analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

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.