Novanta Inc. $NOVT Shares Sold by Institute for Wealth Management LLC.

Institute for Wealth Management LLC. lessened its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 14.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,564 shares of the technology company’s stock after selling 274 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Novanta were worth $202,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Conestoga Capital Advisors LLC grew its stake in Novanta by 1.3% during the 1st quarter. Conestoga Capital Advisors LLC now owns 1,365,252 shares of the technology company’s stock valued at $174,575,000 after purchasing an additional 17,220 shares in the last quarter. Geneva Capital Management LLC grew its position in shares of Novanta by 9.5% in the 1st quarter. Geneva Capital Management LLC now owns 934,035 shares of the technology company’s stock worth $119,435,000 after acquiring an additional 81,397 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Novanta by 1.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 693,090 shares of the technology company’s stock worth $88,626,000 after acquiring an additional 12,921 shares in the last quarter. Champlain Investment Partners LLC grew its position in shares of Novanta by 45.6% in the 1st quarter. Champlain Investment Partners LLC now owns 596,190 shares of the technology company’s stock worth $76,235,000 after acquiring an additional 186,848 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Novanta by 1.9% in the 1st quarter. Wellington Management Group LLP now owns 485,196 shares of the technology company’s stock worth $62,042,000 after acquiring an additional 9,243 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Trading Up 2.4%

NASDAQ:NOVT opened at $103.25 on Friday. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $184.11. The firm has a market capitalization of $3.71 billion, a P/E ratio of 60.74 and a beta of 1.49. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. The business has a 50 day simple moving average of $115.21 and a 200 day simple moving average of $120.94.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.02. The firm had revenue of $241.05 million for the quarter, compared to the consensus estimate of $237.97 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.73 EPS. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. Equities research analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Novanta announced that its Board of Directors has authorized a stock repurchase plan on Thursday, September 18th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 4.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently commented on NOVT shares. Wall Street Zen lowered Novanta from a “buy” rating to a “hold” rating in a research report on Monday, August 11th. Robert W. Baird decreased their target price on Novanta from $139.00 to $133.00 and set a “neutral” rating for the company in a research report on Monday, August 11th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $133.00.

Novanta Company Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.