Sanctuary Advisors LLC Buys New Stake in Novanta Inc. (NASDAQ:NOVT)

Sanctuary Advisors LLC acquired a new stake in shares of Novanta Inc. (NASDAQ:NOVT) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,366 shares of the technology company’s stock, valued at approximately $232,000.

Several other institutional investors have also modified their holdings of NOVT. GAMMA Investing LLC boosted its holdings in shares of Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after buying an additional 59 shares during the period. GHP Investment Advisors Inc. purchased a new position in Novanta in the third quarter valued at about $49,000. nVerses Capital LLC bought a new position in Novanta during the third quarter valued at approximately $54,000. Signaturefd LLC lifted its stake in shares of Novanta by 38.3% in the 2nd quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after purchasing an additional 100 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Novanta by 47.6% during the 2nd quarter. Van ECK Associates Corp now owns 750 shares of the technology company’s stock valued at $122,000 after acquiring an additional 242 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Trading Down 1.1 %

Shares of NOVT stock opened at $154.74 on Monday. The company has a market capitalization of $5.56 billion, a P/E ratio of 92.66 and a beta of 1.26. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12-month low of $146.86 and a 12-month high of $187.12. The firm has a 50-day moving average price of $167.94 and a 200 day moving average price of $171.03.

Novanta (NASDAQ:NOVT) last issued 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 business had revenue of $244.40 million for the quarter, compared to analyst estimates of $242.33 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.85 earnings per share. Research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Insider Buying and Selling at Novanta

In other Novanta news, CFO Robert Buckley sold 3,660 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $174.01, for a total transaction of $636,876.60. Following the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at $20,954,110.19. This represents a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 56,382 shares of the company’s stock, 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. Company insiders own 1.20% of the company’s stock.

Analyst Ratings Changes

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

About Novanta

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.