Raymond James & Associates Has $8.87 Million Stock Position in Novanta Inc. (NASDAQ:NOVT)

Raymond James & Associates reduced its position in Novanta Inc. (NASDAQ:NOVT) by 2.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,580 shares of the technology company’s stock after selling 1,060 shares during the period. Raymond James & Associates owned about 0.14% of Novanta worth $8,871,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after purchasing an additional 59 shares during the period. Essex Investment Management Co. LLC lifted its position in Novanta by 0.3% during the 3rd quarter. Essex Investment Management Co. LLC now owns 23,379 shares of the technology company’s stock worth $4,183,000 after acquiring an additional 80 shares during the last quarter. Bank of Montreal Can boosted its holdings in Novanta by 2.6% during the second quarter. Bank of Montreal Can now owns 3,598 shares of the technology company’s stock valued at $599,000 after acquiring an additional 90 shares during the period. Victory Capital Management Inc. increased its stake in shares of Novanta by 1.3% in the second quarter. Victory Capital Management Inc. now owns 7,526 shares of the technology company’s stock worth $1,228,000 after purchasing an additional 99 shares during the period. Finally, Signaturefd LLC lifted its position in shares of Novanta by 38.3% during the 2nd quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock worth $59,000 after purchasing an additional 100 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Novanta

In other Novanta news, CFO Robert Buckley sold 4,379 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $176.20, for a total value of $771,579.80. Following the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $21,217,827.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 13,258 shares of company stock valued at $2,318,593 over the last quarter. Corporate insiders own 1.20% of the company’s stock.

Novanta Trading Up 0.6 %

NOVT stock opened at $177.22 on Wednesday. The company has a current ratio of 2.77, a quick ratio of 1.73 and a debt-to-equity ratio of 0.68. The firm has a market cap of $6.36 billion, a P/E ratio of 91.82 and a beta of 1.28. Novanta Inc. has a 1-year low of $111.20 and a 1-year high of $187.12. The business’s 50 day moving average is $175.30 and its 200-day moving average is $169.00.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The company had revenue of $235.86 million for the quarter, compared to analyst estimates of $233.63 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The business’s revenue was up 2.8% on a year-over-year basis. Equities analysts anticipate that Novanta Inc. will post 3.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.