Novanta Inc. (NASDAQ:NOVT) CEO Sells $1,347,750.00 in Stock

Novanta Inc. (NASDAQ:NOVT) 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 transaction, the chief executive officer now directly owns 56,382 shares in the company, valued at $10,131,845.40. This represents a 11.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Novanta Stock Performance

NASDAQ:NOVT opened at $168.19 on Friday. The stock has a 50-day moving average price of $174.02 and a 200 day moving average price of $170.48. The stock has a market capitalization of $6.04 billion, a P/E ratio of 100.71 and a beta of 1.29. 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 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 net margin of 6.52% and a return on equity of 15.20%. The firm had revenue of $244.40 million for the quarter, compared to analysts’ expectations of $242.33 million. During the same quarter last year, the business posted $0.85 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. Equities research analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NOVT. M&T Bank Corp grew its holdings in shares of Novanta by 4.5% in the third quarter. M&T Bank Corp now owns 3,619 shares of the technology company’s stock valued at $647,000 after purchasing an additional 155 shares in the last quarter. Barclays PLC grew its stake in shares of Novanta by 215.1% in the 3rd quarter. Barclays PLC now owns 65,564 shares of the technology company’s stock worth $11,731,000 after buying an additional 44,756 shares in the last quarter. DF Dent & Co. Inc. grew its stake in shares of Novanta by 26.7% in the 3rd quarter. DF Dent & Co. Inc. now owns 205,713 shares of the technology company’s stock worth $36,806,000 after buying an additional 43,400 shares in the last quarter. State Street Corp increased its holdings in shares of Novanta by 2.0% in the 3rd quarter. State Street Corp now owns 1,298,419 shares of the technology company’s stock worth $232,313,000 after buying an additional 24,929 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of Novanta during the 3rd quarter valued at about $1,986,000. Institutional investors own 98.35% of the company’s stock.

Analysts Set New Price Targets

Separately, Robert W. Baird lowered their target price on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a research note 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.