Creative Planning Raises Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Creative Planning increased its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 33.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 9,564 shares of the technology company’s stock after acquiring an additional 2,392 shares during the period. Creative Planning’s holdings in Novanta were worth $1,711,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Essex Investment Management Co. LLC increased its stake in Novanta by 0.3% in the third quarter. Essex Investment Management Co. LLC now owns 23,379 shares of the technology company’s stock worth $4,183,000 after purchasing an additional 80 shares during the period. GAMMA Investing LLC increased its stake in Novanta by 33.1% in the 3rd 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. Handelsbanken Fonder AB increased its stake in Novanta by 7.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 8,411 shares of the technology company’s stock worth $1,505,000 after buying an additional 600 shares during the period. SG Americas Securities LLC lifted its holdings in Novanta by 632.0% during the 3rd quarter. SG Americas Securities LLC now owns 5,907 shares of the technology company’s stock valued at $1,057,000 after buying an additional 5,100 shares in the last quarter. Finally, Clearline Capital LP boosted its position in Novanta by 71.1% in the 2nd quarter. Clearline Capital LP now owns 11,497 shares of the technology company’s stock valued at $1,875,000 after buying an additional 4,778 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Novanta Price Performance

NOVT opened at $177.22 on Wednesday. The company has a market capitalization of $6.36 billion, a price-to-earnings ratio of 91.82 and a beta of 1.28. 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 Inc. has a 12-month low of $111.20 and a 12-month high of $187.12. The business’s fifty day simple moving average is $175.30 and its 200-day simple moving average is $169.00.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping 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 company had revenue of $235.86 million for the quarter, compared to analysts’ expectations of $233.63 million. During the same period in the prior year, the business earned $0.80 EPS. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. On average, equities research analysts anticipate that Novanta Inc. will post 3.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, CFO Robert Buckley sold 3,660 shares of Novanta stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total value of $636,876.60. Following the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $20,954,110.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 13,258 shares of company stock worth $2,318,593 over the last 90 days. Company insiders own 1.20% of the company’s stock.

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.