Baillie Gifford & Co. Decreases Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Baillie Gifford & Co. cut its holdings in Novanta Inc. (NASDAQ:NOVT) by 1.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,561 shares of the technology company’s stock after selling 78 shares during the quarter. Baillie Gifford & Co.’s holdings in Novanta were worth $995,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOVT. Vanguard Group Inc. grew its stake in shares of Novanta by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 3,861,416 shares of the technology company’s stock worth $674,860,000 after buying an additional 45,937 shares in the last quarter. Clearline Capital LP grew its position in Novanta by 71.1% in the second quarter. Clearline Capital LP now owns 11,497 shares of the technology company’s stock worth $1,875,000 after acquiring an additional 4,778 shares in the last quarter. GAMMA Investing LLC increased its stake in Novanta by 33.1% during the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after acquiring an additional 59 shares during the last quarter. Raymond James & Associates raised its position in Novanta by 3.5% during 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 during the period. Finally, Blair William & Co. IL raised its position in Novanta by 10.1% during the second quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock valued at $73,172,000 after purchasing an additional 41,296 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Novanta

In other Novanta news, CFO Robert Buckley sold 1,111 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $180.45, for a total value of $200,479.95. Following the sale, the chief financial officer now owns 120,419 shares in the company, valued at $21,729,608.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Robert Buckley sold 1,111 shares of the company’s stock in a transaction dated 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction dated Monday, November 11th. The shares were 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,650 shares of company stock worth $2,956,686 in the last quarter. 1.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Novanta Trading Down 2.6 %

Shares of NOVT opened at $170.17 on Thursday. Novanta Inc. has a twelve month low of $126.65 and a twelve month high of $187.12. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The company’s fifty day simple moving average is $174.15 and its 200-day simple moving average is $170.49. The company has a market cap of $6.11 billion, a P/E ratio of 101.90 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business had revenue of $244.40 million during the quarter, compared to the consensus estimate of $242.33 million. During the same quarter last year, the firm earned $0.85 earnings per share. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

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.