Geode Capital Management LLC Lowers Holdings in Novanta Inc. (NASDAQ:NOVT)

Geode Capital Management LLC reduced its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 2.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 875,224 shares of the technology company's stock after selling 18,486 shares during the period. Geode Capital Management LLC owned approximately 2.44% of Novanta worth $156,625,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. M&T Bank Corp increased its holdings in shares of Novanta by 4.5% in the third quarter. M&T Bank Corp now owns 3,619 shares of the technology company's stock worth $647,000 after purchasing an additional 155 shares during the last quarter. Barclays PLC grew its holdings in Novanta by 215.1% during the 3rd quarter. Barclays PLC now owns 65,564 shares of the technology company's stock valued at $11,731,000 after buying an additional 44,756 shares in the last quarter. DF Dent & Co. Inc. increased its stake in Novanta by 26.7% in the 3rd quarter. DF Dent & Co. Inc. now owns 205,713 shares of the technology company's stock worth $36,806,000 after acquiring an additional 43,400 shares during the last quarter. State Street Corp raised its holdings in shares of Novanta by 2.0% during the 3rd quarter. State Street Corp now owns 1,298,419 shares of the technology company's stock worth $232,313,000 after acquiring an additional 24,929 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in shares of Novanta during the 3rd quarter valued at approximately $1,986,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analyst Ratings Changes

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

Insider Buying and Selling at Novanta

In related news, CEO Matthijs Glastra sold 7,500 shares of the business's stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 56,382 shares in the company, valued at $10,131,845.40. The trade was a 11.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert Buckley sold 3,660 shares of the company's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $174.01, for a total value of $636,876.60. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at $20,954,110.19. This trade represents a 2.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,271 shares of company stock worth $2,185,107 over the last quarter. Insiders own 1.20% of the company's stock.

Novanta Price Performance

Shares of NASDAQ NOVT traded down $5.54 during mid-day trading on Tuesday, hitting $165.65. 169,142 shares of the company's stock traded hands, compared to its average volume of 147,424. The company has a market capitalization of $5.95 billion, a P/E ratio of 102.51 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 debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The company's 50-day moving average is $171.47 and its two-hundred day moving average is $171.40.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data 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 business 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%. The company's revenue for the quarter was up 10.3% on a year-over-year basis. During the same period last year, the company earned $0.85 EPS. On average, equities analysts anticipate that Novanta Inc. will post 3.03 EPS 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.