Kayne Anderson Rudnick Investment Management LLC Sells 56,701 Shares of Novanta Inc. (NASDAQ:NOVT)

Kayne Anderson Rudnick Investment Management LLC lessened its holdings in Novanta Inc. (NASDAQ:NOVT) by 9.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 547,289 shares of the technology company’s stock after selling 56,701 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned approximately 1.52% of Novanta worth $89,268,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in NOVT. Rise Advisors LLC acquired a new position in Novanta in the 1st quarter valued at approximately $32,000. Headlands Technologies LLC acquired a new stake in Novanta in the first quarter valued at $52,000. Signaturefd LLC raised its position in 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. YHB Investment Advisors Inc. bought a new position in Novanta during the 1st quarter worth $81,000. Finally, Fidelis Capital Partners LLC acquired a new position in Novanta during the 1st quarter worth about $90,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Matthijs Glastra sold 1,086 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $160.84, for a total transaction of $174,672.24. Following the completion of the sale, the chief executive officer now owns 23,486 shares of the company’s stock, valued at $3,777,488.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Novanta news, CFO Robert Buckley sold 1,830 shares of Novanta stock in a transaction on Friday, July 12th. The shares were sold at an average price of $170.19, for a total value of $311,447.70. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at $20,494,109.61. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Matthijs Glastra sold 1,086 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $3,777,488.24. The disclosure for this sale can be found here. Insiders have sold 15,063 shares of company stock valued at $2,591,881 in the last ninety days. 1.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Novanta Stock Up 0.1 %

Shares of NASDAQ NOVT opened at $174.53 on Friday. The company’s 50 day moving average price is $175.82 and its 200-day moving average price is $168.47. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77. Novanta Inc. has a 52-week low of $111.20 and a 52-week high of $187.12. The company has a market capitalization of $6.26 billion, a P/E ratio of 90.43 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The business 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 business earned $0.80 earnings per share. Novanta’s revenue for the quarter was up 2.8% on a year-over-year basis. Equities analysts forecast that Novanta Inc. will post 3.3 earnings per share for the current year.

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.