Point72 DIFC Ltd Buys Shares of 11,100 Novanta Inc. (NASDAQ:NOVT)

Point72 DIFC Ltd purchased a new stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 11,100 shares of the technology company's stock, valued at approximately $1,986,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Clearline Capital LP increased its position in shares of Novanta by 71.1% during the 2nd quarter. Clearline Capital LP now owns 11,497 shares of the technology company's stock valued at $1,875,000 after purchasing an additional 4,778 shares during the last quarter. GAMMA Investing LLC increased its holdings in Novanta by 33.1% in the 3rd quarter. GAMMA Investing LLC now owns 237 shares of the technology company's stock worth $42,000 after acquiring an additional 59 shares in the last quarter. Raymond James & Associates increased its holdings in Novanta by 3.5% in the 2nd quarter. Raymond James & Associates now owns 50,640 shares of the technology company's stock worth $8,260,000 after acquiring an additional 1,720 shares in the last quarter. Blair William & Co. IL increased its holdings in Novanta by 10.1% in the 2nd quarter. Blair William & Co. IL now owns 448,604 shares of the technology company's stock worth $73,172,000 after acquiring an additional 41,296 shares in the last quarter. Finally, Argent Capital Management LLC purchased a new stake in Novanta in the 2nd quarter worth approximately $294,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Price Performance

NOVT stock traded down $4.14 during midday trading on Thursday, hitting $166.26. The company's stock had a trading volume of 175,093 shares, compared to its average volume of 146,567. Novanta Inc. has a 12 month low of $146.86 and a 12 month high of $187.12. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $5.97 billion, a price-to-earnings ratio of 99.56 and a beta of 1.26. The company has a 50 day moving average of $172.64 and a two-hundred day moving average 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 for the quarter, hitting the consensus estimate of $0.85. The business had revenue of $244.40 million during the quarter, compared to the consensus estimate of $242.33 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.85 EPS. On average, analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Insider Buying and Selling

In related news, CFO Robert Buckley sold 3,660 shares of the firm's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total value of $636,876.60. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthijs Glastra sold 7,500 shares of the stock in a transaction on Monday, November 11th. The stock was 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 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 disclosure for this sale can be found here. Insiders sold a total of 12,271 shares of company stock worth $2,185,107 over the last three months. 1.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Robert W. Baird reduced 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, 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.