BNP Paribas Financial Markets Raises Stock Position in Novanta Inc. (NASDAQ:NOVT)

BNP Paribas Financial Markets lifted its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 34.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,054 shares of the technology company's stock after buying an additional 5,165 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.06% of Novanta worth $3,588,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Diversified Trust Co boosted its position in Novanta by 3.4% in the 2nd quarter. Diversified Trust Co now owns 4,640 shares of the technology company's stock valued at $757,000 after buying an additional 152 shares during the period. Yarbrough Capital LLC raised its holdings in shares of Novanta by 38.0% in the 2nd quarter. Yarbrough Capital LLC now owns 7,735 shares of the technology company's stock valued at $1,262,000 after purchasing an additional 2,130 shares in the last quarter. Raymond James & Associates lifted its position in shares of Novanta by 3.5% during the 2nd quarter. Raymond James & Associates now owns 50,640 shares of the technology company's stock worth $8,260,000 after purchasing an additional 1,720 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Novanta by 12.6% during the second quarter. Nisa Investment Advisors LLC now owns 1,180 shares of the technology company's stock worth $192,000 after purchasing an additional 132 shares in the last quarter. Finally, Nicholas Company Inc. increased its holdings in Novanta by 41.7% in the second quarter. Nicholas Company Inc. now owns 19,915 shares of the technology company's stock valued at $3,248,000 after buying an additional 5,865 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Performance

NASDAQ:NOVT traded down $4.14 during mid-day trading on Thursday, reaching $166.26. 175,093 shares of the stock were exchanged, compared to its average volume of 146,567. The stock has a market capitalization of $5.97 billion, a P/E ratio of 99.56 and a beta of 1.26. Novanta Inc. has a 1 year low of $146.86 and a 1 year high of $187.12. The company has a 50 day simple moving average of $172.64 and a 200-day simple moving average of $171.09. 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 (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company had revenue of $244.40 million for the quarter, compared to the consensus estimate of $242.33 million. During the same period last year, the firm posted $0.85 EPS. Novanta's revenue for the quarter was up 10.3% on a year-over-year basis. Analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Insider Transactions at Novanta

In other Novanta news, CFO Robert Buckley sold 3,660 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total transaction of $636,876.60. Following the transaction, the chief financial officer now owns 120,419 shares in the company, valued at approximately $20,954,110.19. The trade was a 2.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $179.70, for a total value of $1,347,750.00. Following the completion of the sale, the chief executive officer now directly owns 56,382 shares of the company's stock, valued at $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. Insiders sold 12,271 shares of company stock worth $2,185,107 over the last 90 days. 1.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird dropped their price target on shares of Novanta from $175.00 to $169.00 and set a "neutral" rating on the stock in a research note on Wednesday, November 6th.

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.