Conestoga Capital Advisors LLC Sells 2,619 Shares of Novanta Inc. (NASDAQ:NOVT)

Conestoga Capital Advisors LLC cut its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 0.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,348,032 shares of the technology company's stock after selling 2,619 shares during the quarter. Novanta comprises 2.7% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 11th biggest holding. Conestoga Capital Advisors LLC owned approximately 3.75% of Novanta worth $205,939,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in Novanta by 33.1% during the 3rd quarter. GAMMA Investing LLC now owns 237 shares of the technology company's stock valued at $42,000 after buying an additional 59 shares in the last quarter. GHP Investment Advisors Inc. bought a new position in shares of Novanta during the third quarter valued at $49,000. nVerses Capital LLC purchased a new position in shares of Novanta in the 3rd quarter worth about $54,000. Van ECK Associates Corp raised its position in shares of Novanta by 28.4% in the 3rd quarter. Van ECK Associates Corp now owns 963 shares of the technology company's stock worth $166,000 after purchasing an additional 213 shares during the last quarter. Finally, KBC Group NV grew its position in Novanta by 14.9% during the 3rd quarter. KBC Group NV now owns 1,059 shares of the technology company's stock valued at $189,000 after purchasing an additional 137 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Stock Down 0.2 %

NOVT stock traded down $0.23 during midday trading on Thursday, hitting $148.61. The company's stock had a trading volume of 121,245 shares, compared to its average volume of 204,194. The firm's 50-day moving average is $155.36 and its 200-day moving average is $167.82. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12 month low of $143.18 and a 12 month high of $187.12. The company has a market cap of $5.34 billion, a PE ratio of 88.99 and a beta of 1.28.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.85. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm had revenue of $244.40 million for the quarter, compared to the consensus estimate of $242.33 million. During the same period in the prior year, the company posted $0.85 earnings per share. The company's quarterly revenue was up 10.3% on a year-over-year basis. On average, equities research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Novanta news, CEO Matthijs Glastra sold 7,500 shares of the business's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the completion of the sale, the chief executive officer now directly owns 56,382 shares in the company, valued at approximately $10,131,845.40. The trade was a 11.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Robert W. Baird decreased their target price on shares of Novanta from $175.00 to $169.00 and set a "neutral" rating for the company in a report on Wednesday, November 6th.

Novanta Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.