SYSTM Wealth Solutions LLC Sells 1,144 Shares of Novanta Inc. (NASDAQ:NOVT)

SYSTM Wealth Solutions LLC cut its holdings in Novanta Inc. (NASDAQ:NOVT) by 86.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 173 shares of the technology company’s stock after selling 1,144 shares during the quarter. SYSTM Wealth Solutions LLC’s holdings in Novanta were worth $28,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Edgestream Partners L.P. bought a new stake in shares of Novanta in the 2nd quarter worth $3,382,000. Dimensional Fund Advisors LP boosted its position in shares of Novanta by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 680,104 shares of the technology company’s stock valued at $110,933,000 after buying an additional 19,701 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Novanta by 3.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 62,437 shares of the technology company’s stock worth $10,184,000 after buying an additional 2,155 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in Novanta by 32.1% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 23,527 shares of the technology company’s stock worth $3,837,000 after buying an additional 5,714 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its stake in Novanta by 0.4% during the 2nd quarter. William Blair Investment Management LLC now owns 960,152 shares of the technology company’s stock valued at $156,610,000 after acquiring an additional 4,079 shares during the period. 98.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird raised their target price on shares of Novanta from $170.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th.

Novanta Stock Up 3.3 %

NOVT stock opened at $174.37 on Friday. The company has a market cap of $6.26 billion, a price-to-earnings ratio of 90.35 and a beta of 1.29. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77. The business’s 50-day moving average is $175.76 and its two-hundred day moving average is $168.49. Novanta Inc. has a fifty-two week low of $111.20 and a fifty-two week high of $187.12.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $235.86 million during the quarter, compared to analyst estimates of $233.63 million. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.80 EPS. As a group, analysts forecast that Novanta Inc. will post 3.3 earnings per share for the current year.

Insider Transactions at Novanta

In other news, CFO Robert Buckley sold 1,830 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $161.09, for a total value of $294,794.70. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $19,398,296.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Novanta news, CEO Matthijs Glastra sold 1,086 shares of Novanta stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $160.84, for a total transaction of $174,672.24. Following the transaction, the chief executive officer now owns 23,486 shares of the company’s stock, valued at $3,777,488.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Buckley sold 1,830 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $161.09, for a total transaction of $294,794.70. Following the completion of the transaction, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $19,398,296.71. The disclosure for this sale can be found here. Insiders have sold 15,063 shares of company stock worth $2,591,881 in the last 90 days. 1.20% of the stock is currently owned by insiders.

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.