Advisory Research Inc. decreased its holdings in shares of Novanta Inc (NASDAQ:NOVT) by 34.8% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 19,665 shares of the technology company’s stock after selling 10,514 shares during the period. Advisory Research Inc. owned approximately 0.06% of Novanta worth $1,345,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Envestnet Asset Management Inc. boosted its position in Novanta by 58.7% in the second quarter. Envestnet Asset Management Inc. now owns 2,571 shares of the technology company’s stock valued at $160,000 after buying an additional 951 shares during the last quarter. Advisory Services Network LLC boosted its position in Novanta by 430.0% in the second quarter. Advisory Services Network LLC now owns 2,650 shares of the technology company’s stock valued at $182,000 after buying an additional 2,150 shares during the last quarter. Zions Bancorporation purchased a new stake in Novanta in the second quarter valued at approximately $220,000. Xact Kapitalforvaltning AB boosted its position in Novanta by 17.1% in the third quarter. Xact Kapitalforvaltning AB now owns 6,151 shares of the technology company’s stock valued at $421,000 after buying an additional 900 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Novanta in the third quarter valued at approximately $428,000. Institutional investors and hedge funds own 86.89% of the company’s stock.
Shares of NASDAQ:NOVT opened at $64.93 on Friday. Novanta Inc has a 12-month low of $43.65 and a 12-month high of $78.85. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 40.58 and a beta of 1.72. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.89 and a quick ratio of 1.97.
A number of equities research analysts recently commented on the company. ValuEngine lowered Novanta from a “buy” rating to a “hold” rating in a research report on Saturday, October 6th. Zacks Investment Research upgraded Novanta from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a research report on Saturday, August 11th. Finally, BidaskClub upgraded Novanta from a “sell” rating to a “hold” rating in a research report on Wednesday, November 7th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $67.00.
In other news, Director Stephen W. Bershad sold 500,000 shares of the company’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $68.15, for a total transaction of $34,075,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Robert Buckley sold 13,487 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $72.90, for a total value of $983,202.30. Following the transaction, the chief financial officer now directly owns 157,027 shares of the company’s stock, valued at $11,447,268.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 533,487 shares of company stock valued at $36,538,202. Corporate insiders own 6.70% of the company’s stock.
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Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
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