Citigroup Inc. Buys 21,854 Shares of Novanta Inc. (NASDAQ:NOVT)

Citigroup Inc. lifted its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 179.9% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 34,003 shares of the technology company's stock after buying an additional 21,854 shares during the period. Citigroup Inc. owned about 0.09% of Novanta worth $6,084,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Conestoga Capital Advisors LLC increased its holdings in Novanta by 1.6% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,350,651 shares of the technology company's stock worth $241,658,000 after purchasing an additional 20,825 shares in the last quarter. William Blair Investment Management LLC lifted its stake in Novanta by 0.4% in the second quarter. William Blair Investment Management LLC now owns 960,152 shares of the technology company's stock valued at $156,610,000 after buying an additional 4,079 shares during the period. Geneva Capital Management LLC increased its stake in shares of Novanta by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 780,046 shares of the technology company's stock valued at $139,566,000 after acquiring an additional 8,574 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Novanta by 10.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 734,728 shares of the technology company's stock worth $131,457,000 after purchasing an additional 69,858 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Novanta by 3.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 680,104 shares of the technology company's stock valued at $110,933,000 after buying an additional 19,701 shares in the last quarter. Institutional investors own 98.35% of the company's stock.

Novanta Stock Performance

Shares of NOVT traded up $2.16 during mid-day trading on Monday, hitting $169.14. The stock had a trading volume of 166,877 shares, compared to its average volume of 146,498. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The firm has a market cap of $6.08 billion, a P/E ratio of 101.28 and a beta of 1.29. Novanta Inc. has a 52 week low of $145.24 and a 52 week high of $187.12. The business has a fifty day moving average price of $173.12 and a 200-day moving average price of $171.09.

Novanta (NASDAQ:NOVT - Get Free Report) last posted 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 company had revenue of $244.40 million for the quarter, compared to analyst estimates of $242.33 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.85 earnings per share. On average, equities research analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Analysts Set New Price Targets

Separately, Robert W. Baird dropped their target price 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.

Insider Transactions at Novanta

In other news, CEO Matthijs Glastra sold 7,500 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the transaction, the chief executive officer now directly owns 56,382 shares in the company, valued at approximately $10,131,845.40. This represents a 11.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Buckley sold 1,111 shares of Novanta stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $180.45, for a total transaction of $200,479.95. Following the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at $21,729,608.55. This trade represents a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,650 shares of company stock valued at $2,956,686. 1.20% of the stock is currently owned by corporate insiders.

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.