Novanta Inc. (NASDAQ:NOVT) Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC cut its stake in Novanta Inc. (NASDAQ:NOVT) by 3.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,459 shares of the technology company’s stock after selling 552 shares during the period. Townsquare Capital LLC’s holdings in Novanta were worth $2,587,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Diversified Trust Co raised its position in Novanta by 3.4% in the 2nd quarter. Diversified Trust Co now owns 4,640 shares of the technology company’s stock valued at $757,000 after purchasing an additional 152 shares during the last quarter. Yarbrough Capital LLC raised its holdings in shares of Novanta by 38.0% in the second quarter. Yarbrough Capital LLC now owns 7,735 shares of the technology company’s stock valued at $1,262,000 after buying an additional 2,130 shares during the last quarter. Raymond James & Associates increased its position in 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 acquiring an additional 1,720 shares during the period. Nisa Investment Advisors LLC raised its stake in Novanta by 12.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,180 shares of the technology company’s stock valued at $192,000 after acquiring an additional 132 shares during the last quarter. Finally, Nicholas Company Inc. lifted its position in Novanta by 41.7% during the 2nd quarter. Nicholas Company Inc. now owns 19,915 shares of the technology company’s stock worth $3,248,000 after acquiring an additional 5,865 shares during the period. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their target price on Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th.

Insider Buying and Selling

In related news, CFO Robert Buckley sold 1,111 shares of Novanta stock in a transaction 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 transaction, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at approximately $21,729,608.55. The trade was a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Matthijs Glastra sold 7,500 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were 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 of the company’s stock, valued at approximately $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 16,650 shares of company stock valued at $2,956,686 over the last quarter. Company insiders own 1.20% of the company’s stock.

Novanta Stock Up 1.8 %

Shares of Novanta stock opened at $166.98 on Friday. The company has a market cap of $6.00 billion, a P/E ratio of 99.99 and a beta of 1.29. The firm has a fifty day moving average of $173.26 and a two-hundred day moving average of $171.04. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. Novanta Inc. has a one year low of $142.35 and a one year high of $187.12.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. The company had revenue of $244.40 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.85 EPS. On average, analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

About Novanta

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.