State Street Corp Acquires 24,929 Shares of Novanta Inc. (NASDAQ:NOVT)

State Street Corp lifted its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 2.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,298,419 shares of the technology company's stock after acquiring an additional 24,929 shares during the quarter. State Street Corp owned approximately 3.61% of Novanta worth $232,313,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Diversified Trust Co lifted its holdings in Novanta by 3.4% in the second quarter. Diversified Trust Co now owns 4,640 shares of the technology company's stock worth $757,000 after buying an additional 152 shares during the period. Raymond James & Associates lifted its stake in shares of Novanta by 3.5% in the 2nd quarter. Raymond James & Associates now owns 50,640 shares of the technology company's stock valued at $8,260,000 after purchasing an additional 1,720 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Novanta by 12.6% during the second quarter. Nisa Investment Advisors LLC now owns 1,180 shares of the technology company's stock valued at $192,000 after purchasing an additional 132 shares in the last quarter. Nicholas Company Inc. grew its stake in Novanta by 41.7% in the second quarter. Nicholas Company Inc. now owns 19,915 shares of the technology company's stock worth $3,248,000 after purchasing an additional 5,865 shares during the period. Finally, Argent Capital Management LLC bought a new position in Novanta in the second quarter worth $294,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Insider Activity

In other 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 value 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert Buckley sold 1,111 shares of the company's stock in a transaction on Friday, September 27th. The shares were sold at an average price of $180.45, for a total value of $200,479.95. Following the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $21,729,608.55. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,271 shares of company stock worth $2,185,107 over the last three months. 1.20% of the stock is currently owned by corporate insiders.

Novanta Stock Up 0.3 %

Shares of NASDAQ NOVT traded up $0.43 on Thursday, reaching $167.30. 104,820 shares of the company's stock traded hands, compared to its average volume of 147,016. The business's 50 day simple moving average is $171.72 and its two-hundred day simple moving average is $171.15. Novanta Inc. has a 12 month low of $146.86 and a 12 month high of $187.12. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 100.18 and a beta of 1.26. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61.

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 company had revenue of $244.40 million for 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 quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.85 EPS. As a group, equities research analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal 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 report on Wednesday, November 6th.

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.