Novanta Inc. (NASDAQ:NOVT) Position Reduced by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV decreased its position in shares of Novanta Inc. (NASDAQ:NOVT) by 9.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,085 shares of the technology company’s stock after selling 1,597 shares during the period. Azzad Asset Management Inc. ADV’s holdings in Novanta were worth $2,636,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its position in Novanta by 299.9% during the 4th quarter. Wells Fargo & Company MN now owns 61,912 shares of the technology company’s stock worth $10,427,000 after purchasing an additional 46,430 shares in the last quarter. Clearbridge Investments LLC grew its position in Novanta by 75.3% during the 4th quarter. Clearbridge Investments LLC now owns 310,032 shares of the technology company’s stock worth $52,212,000 after purchasing an additional 133,138 shares in the last quarter. Allianz Asset Management GmbH grew its position in Novanta by 222.6% during the 4th quarter. Allianz Asset Management GmbH now owns 10,000 shares of the technology company’s stock worth $1,684,000 after purchasing an additional 6,900 shares in the last quarter. Portside Wealth Group LLC purchased a new position in Novanta during the 4th quarter worth approximately $398,000. Finally, Navellier & Associates Inc. grew its position in Novanta by 25.6% during the 4th quarter. Navellier & Associates Inc. now owns 5,037 shares of the technology company’s stock worth $848,000 after purchasing an additional 1,027 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

Novanta Stock Performance

NASDAQ NOVT opened at $160.29 on Thursday. Novanta Inc. has a twelve month low of $111.20 and a twelve month high of $185.80. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.77 and a current ratio of 2.83. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of 83.05 and a beta of 1.31. The firm’s 50 day moving average price is $162.14 and its two-hundred day moving average price is $163.51.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, May 7th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.17. The company had revenue of $230.92 million during the quarter, compared to analyst estimates of $227.85 million. Novanta had a net margin of 7.76% and a return on equity of 16.58%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the business posted $0.74 EPS. Equities analysts anticipate that Novanta Inc. will post 3.26 EPS for the current year.

Insider Buying and Selling at Novanta

In other Novanta news, Director Thomas N. Secor sold 1,000 shares of Novanta stock in a transaction on Monday, June 10th. The shares were sold at an average price of $158.60, for a total transaction of $158,600.00. Following the completion of the sale, the director now owns 928 shares of the company’s stock, valued at approximately $147,180.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Thomas N. Secor sold 1,000 shares of Novanta stock in a transaction on Monday, June 10th. The shares were sold at an average price of $158.60, for a total value of $158,600.00. Following the completion of the sale, the director now owns 928 shares of the company’s stock, valued at approximately $147,180.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robert Buckley sold 1,830 shares of Novanta stock in a transaction on Monday, July 1st. The shares were sold at an average price of $161.09, for a total transaction of $294,794.70. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at approximately $19,398,296.71. The disclosure for this sale can be found here. Insiders sold 3,916 shares of company stock valued at $628,067 in the last quarter. Company insiders own 1.20% of the company’s stock.

Novanta 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.