GAMMA Investing LLC Raises Holdings in Novanta Inc. (NASDAQ:NOVT)

GAMMA Investing LLC grew its stake in Novanta Inc. (NASDAQ:NOVT) by 33.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 237 shares of the technology company’s stock after buying an additional 59 shares during the quarter. GAMMA Investing LLC’s holdings in Novanta were worth $42,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of NOVT. Bank of Montreal Can boosted its holdings in shares of Novanta by 2.6% in the 2nd quarter. Bank of Montreal Can now owns 3,598 shares of the technology company’s stock valued at $599,000 after buying an additional 90 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Novanta by 1.3% during 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. Signaturefd LLC boosted its holdings in shares of Novanta by 38.3% in the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after acquiring an additional 100 shares in the last quarter. Retirement Systems of Alabama lifted its holdings in shares of Novanta by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 44,969 shares of the technology company’s stock valued at $7,859,000 after buying an additional 119 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Novanta by 12.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,180 shares of the technology company’s stock valued at $192,000 after purchasing an additional 132 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Activity at Novanta

In other Novanta news, CFO Robert Buckley sold 1,111 shares of Novanta stock in a transaction on Friday, September 27th. The shares were sold at an average price of $180.45, for a total value of $200,479.95. Following the transaction, the chief financial officer now owns 120,419 shares in the company, valued at $21,729,608.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 13,258 shares of company stock worth $2,318,593. 1.20% of the stock is currently owned by insiders.

Novanta Price Performance

NASDAQ:NOVT opened at $177.09 on Friday. Novanta Inc. has a 12-month low of $111.20 and a 12-month high of $187.12. The firm has a market cap of $6.36 billion, a price-to-earnings ratio of 91.76 and a beta of 1.28. The company’s 50-day moving average is $175.61 and its two-hundred day moving average is $168.71. The company has a current ratio of 2.77, a quick ratio of 1.73 and a debt-to-equity ratio of 0.68.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. The firm had revenue of $235.86 million for 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%. Novanta’s revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.80 earnings per share. Research analysts expect that Novanta Inc. will post 3.3 EPS for the current year.

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.