Barclays PLC Raises Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Barclays PLC grew its stake in Novanta Inc. (NASDAQ:NOVT) by 215.1% during the third quarter, Holdings Channel.com reports. The fund owned 65,564 shares of the technology company’s stock after acquiring an additional 44,756 shares during the period. Barclays PLC’s holdings in Novanta were worth $11,731,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Clearline Capital LP grew its position in Novanta by 71.1% in the 2nd quarter. Clearline Capital LP now owns 11,497 shares of the technology company’s stock valued at $1,875,000 after acquiring an additional 4,778 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after purchasing an additional 59 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Novanta by 3.5% in the second 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 in the last quarter. Blair William & Co. IL increased its stake in Novanta by 10.1% during the 2nd quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock worth $73,172,000 after buying an additional 41,296 shares during the period. Finally, Argent Capital Management LLC acquired a new stake in Novanta during the 2nd quarter worth approximately $294,000. Hedge funds and other institutional investors own 98.35% 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 for the company in a research note on Wednesday, November 6th.

Novanta Price Performance

NOVT stock opened at $171.19 on Tuesday. The business’s 50-day moving average is $171.55 and its two-hundred day moving average is $171.31. 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 firm has a market capitalization of $6.15 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.

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

Insider Activity at Novanta

In related news, CFO Robert Buckley sold 1,111 shares of the business’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 sale, the chief financial officer now owns 120,419 shares in the company, valued at $21,729,608.55. The trade was a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 56,382 shares of the company’s stock, valued at $10,131,845.40. This represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,271 shares of company stock valued at $2,185,107 over the last quarter. 1.20% of the stock is owned by insiders.

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.