Legal & General Group Plc bought a new position in shares of Novanta Inc. (NASDAQ:NOVT – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 263,741 shares of the technology company’s stock, valued at approximately $42,789,000. Legal & General Group Plc owned approximately 0.70% of Novanta as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOVT. Danske Bank A S bought a new position in Novanta in the third quarter worth $40,000. Allworth Financial LP boosted its stake in Novanta by 978.4% during the fourth quarter. Allworth Financial LP now owns 399 shares of the technology company’s stock worth $47,000 after buying an additional 362 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Novanta by 120.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 427 shares of the technology company’s stock valued at $51,000 after buying an additional 233 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in shares of Novanta in the 4th quarter valued at $53,000. Finally, Harbor Investment Advisory LLC bought a new position in shares of Novanta during the 2nd quarter worth about $54,000. 98.35% of the stock is currently owned by institutional investors.
Novanta Trading Down 1.7%
NOVT opened at $142.20 on Friday. The company has a current ratio of 4.57, a quick ratio of 3.79 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $5.38 billion, a PE ratio of 91.15 and a beta of 1.68. Novanta Inc. has a 1-year low of $98.27 and a 1-year high of $176.38. The firm has a 50-day moving average price of $152.24 and a two-hundred day moving average price of $143.33.
Insider Transactions at Novanta
In other Novanta news, CEO Matthijs Glastra sold 6,500 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $161.13, for a total value of $1,047,345.00. Following the transaction, the chief executive officer directly owned 29,761 shares in the company, valued at approximately $4,795,389.93. This trade represents a 17.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.20% of the company’s stock.
Analyst Ratings Changes
NOVT has been the topic of a number of analyst reports. Robert W. Baird set a $194.00 target price on shares of Novanta in a research note on Friday, August 7th. Zacks Research upgraded Novanta from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 14th. Weiss Ratings reissued a “hold (c-)” rating on shares of Novanta in a report on Wednesday, July 15th. Finally, Wall Street Zen raised Novanta from a “hold” rating to a “buy” rating in a research note on Sunday, August 9th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $194.00.
View Our Latest Research Report on Novanta
About Novanta
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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