Novanta Inc. $NOVT Shares Bought by Telemark Asset Management LLC

by · The Markets Daily

Telemark Asset Management LLC lifted its stake in shares of Novanta Inc. (NASDAQ:NOVT – Free Report) by 66.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 250,000 shares of the technology company’s stock after buying an additional 100,000 shares during the quarter. Novanta comprises about 2.4% of Telemark Asset Management LLC’s holdings, making the stock its 12th biggest holding. Telemark Asset Management LLC owned 0.70% of Novanta worth $25,038,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Arizona State Retirement System raised its stake in Novanta by 1.6% during the 3rd quarter. Arizona State Retirement System now owns 10,632 shares of the technology company’s stock worth $1,065,000 after acquiring an additional 171 shares in the last quarter. Huntington National Bank grew its holdings in shares of Novanta by 65.7% during the second quarter. Huntington National Bank now owns 492 shares of the technology company’s stock worth $63,000 after purchasing an additional 195 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Novanta by 6.6% during the second quarter. M&T Bank Corp now owns 3,785 shares of the technology company’s stock worth $488,000 after purchasing an additional 236 shares during the last quarter. Retirement Systems of Alabama increased its position in shares of Novanta by 0.6% during the second quarter. Retirement Systems of Alabama now owns 43,964 shares of the technology company’s stock worth $5,668,000 after purchasing an additional 244 shares in the last quarter. Finally, Atria Investments Inc lifted its holdings in shares of Novanta by 11.2% in the 2nd quarter. Atria Investments Inc now owns 3,031 shares of the technology company’s stock valued at $391,000 after purchasing an additional 305 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Stock Performance

NASDAQ NOVT opened at $145.96 on Friday. The firm has a market cap of $5.22 billion, a P/E ratio of 99.29 and a beta of 1.62. Novanta Inc. has a 52-week low of $98.27 and a 52-week high of $153.20. The business’s 50-day moving average price is $131.69 and its 200 day moving average price is $119.64. The company has a quick ratio of 1.54, a current ratio of 2.51 and a debt-to-equity ratio of 0.56.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings upgraded Novanta from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, January 20th. Zacks Research upgraded Novanta from a “strong sell” rating to a “hold” rating in a research note on Friday, January 16th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $133.00.

Check Out Our Latest Research Report on NOVT

Insider Buying and Selling at Novanta

In related news, CFO Robert Buckley sold 1,423 shares of Novanta stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $140.14, for a total value of $199,419.22. Following the transaction, the chief financial officer directly owned 91,034 shares in the company, valued at $12,757,504.76. This trade represents a 1.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $145.04, for a total transaction of $1,087,800.00. Following the transaction, the chief executive officer owned 57,367 shares of the company’s stock, valued at approximately $8,320,509.68. The trade was a 11.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 22,923 shares of company stock valued at $3,182,264. Corporate insiders own 1.20% of the company’s stock.

Novanta Profile

(Free Report)

Novanta, Inc (NASDAQ: NOVT) is a global technology company that designs and manufactures precision components, subsystems and software used in advanced photonics and motion control applications. The company serves customers in the medical device and advanced industrial markets, supplying critical technologies for diagnostics and therapeutic systems, semiconductor and electronics manufacturing, and scientific instrumentation. Novanta’s product portfolio includes laser control modules, optics, beam delivery systems, high-precision motors, actuators, stages, and fluidics solutions designed to meet stringent accuracy and reliability requirements.

Novanta’s Photonics segment delivers laser and energy delivery components that enable minimally invasive surgical procedures and diagnostic imaging.

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