Moran Wealth Management LLC Acquires 848 Shares of Novanta Inc. (NASDAQ:NOVT)

Moran Wealth Management LLC raised its stake in Novanta Inc. (NASDAQ:NOVT) by 40.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,963 shares of the technology company’s stock after acquiring an additional 848 shares during the period. Moran Wealth Management LLC’s holdings in Novanta were worth $530,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of NOVT. Pathstone Holdings LLC boosted its stake in Novanta by 1.2% in the third quarter. Pathstone Holdings LLC now owns 25,827 shares of the technology company’s stock valued at $4,621,000 after buying an additional 295 shares in the last quarter. Chesapeake Capital Corp IL bought a new stake in Novanta in the third quarter valued at approximately $435,000. Mutual of America Capital Management LLC lifted its stake in Novanta by 1.5% in the third quarter. Mutual of America Capital Management LLC now owns 43,241 shares of the technology company’s stock valued at $7,737,000 after buying an additional 648 shares during the period. Natixis Advisors LLC boosted its holdings in Novanta by 1.7% in the third quarter. Natixis Advisors LLC now owns 25,957 shares of the technology company’s stock worth $4,644,000 after acquiring an additional 434 shares in the last quarter. Finally, Zions Bancorporation N.A. boosted its stake in Novanta by 4.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 11,725 shares of the technology company’s stock valued at $2,098,000 after purchasing an additional 546 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

Novanta Stock Up 3.1 %

Shares of NASDAQ:NOVT opened at $169.79 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 current ratio of 2.79 and a quick ratio of 1.81. The stock’s 50-day moving average is $173.80 and its 200 day moving average is $170.73. The company has a market cap of $6.10 billion, a PE ratio of 101.67 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results 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 for 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%. Novanta’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.85 earnings per share. Sell-side analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, CFO Robert Buckley sold 3,660 shares of Novanta stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total transaction of $636,876.60. Following the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $20,954,110.19. The trade was a 2.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 16,650 shares of company stock valued at $2,956,686. 1.20% of the stock is currently owned by corporate insiders.

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.