Novanta Inc. (NASDAQ:NOVT) Shares Sold by Advantage Alpha Capital Partners LP

Advantage Alpha Capital Partners LP cut its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 57.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,123 shares of the technology company's stock after selling 21,747 shares during the quarter. Advantage Alpha Capital Partners LP's holdings in Novanta were worth $2,885,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of NOVT. Associated Banc Corp purchased a new stake in Novanta during the third quarter worth $209,000. Loomis Sayles & Co. L P increased its stake in shares of Novanta by 2.1% in the 3rd quarter. Loomis Sayles & Co. L P now owns 289,473 shares of the technology company's stock valued at $51,792,000 after purchasing an additional 6,019 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Novanta in the 3rd quarter worth about $366,000. Nicolet Advisory Services LLC boosted its position in Novanta by 5.9% during the third quarter. Nicolet Advisory Services LLC now owns 2,502 shares of the technology company's stock worth $430,000 after purchasing an additional 139 shares in the last quarter. Finally, Citigroup Inc. grew its holdings in Novanta by 179.9% in the third quarter. Citigroup Inc. now owns 34,003 shares of the technology company's stock valued at $6,084,000 after purchasing an additional 21,854 shares during the period. Hedge funds and other institutional investors own 98.35% of the company's stock.

Insider Buying and Selling at Novanta

In related news, CEO Matthijs Glastra sold 7,500 shares of the company's stock in a transaction dated 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 owns 56,382 shares of the company's stock, valued at approximately $10,131,845.40. This represents a 11.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert Buckley sold 1,111 shares of the firm's 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 completion of 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. In the last 90 days, insiders have sold 16,650 shares of company stock worth $2,956,686. Corporate insiders own 1.20% of the company's stock.

Wall Street Analyst Weigh In

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 Price Performance

Shares of NOVT stock traded down $6.81 on Tuesday, reaching $166.62. 189,614 shares of the company were exchanged, compared to its average volume of 146,388. Novanta Inc. has a 1 year low of $142.35 and a 1 year high of $187.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The business has a 50-day moving average price of $173.81 and a 200 day moving average price of $171.02. The company has a market cap of $5.98 billion, a price-to-earnings ratio of 103.85 and a beta of 1.29.

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