Herald Investment Management Ltd Purchases Shares of 25,000 Novanta Inc. $NOVT

Herald Investment Management Ltd acquired a new position in shares of Novanta Inc. (NASDAQ:NOVT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 25,000 shares of the technology company’s stock, valued at approximately $2,503,000. Herald Investment Management Ltd owned about 0.07% of Novanta at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Congress Asset Management Co. purchased a new stake in Novanta in the third quarter valued at $59,153,000. Mawer Investment Management Ltd. lifted its holdings in shares of Novanta by 1,114.5% in the 3rd quarter. Mawer Investment Management Ltd. now owns 391,148 shares of the technology company’s stock valued at $39,173,000 after purchasing an additional 358,941 shares during the last quarter. Norges Bank purchased a new stake in shares of Novanta in the 2nd quarter valued at about $29,982,000. Brown Advisory Inc. boosted its position in shares of Novanta by 8,526.6% in the 2nd quarter. Brown Advisory Inc. now owns 220,409 shares of the technology company’s stock valued at $28,417,000 after purchasing an additional 217,854 shares during the period. Finally, Conestoga Capital Advisors LLC grew its stake in Novanta by 15.7% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,579,626 shares of the technology company’s stock worth $203,661,000 after buying an additional 214,374 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NOVT. 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 shares of Novanta from a “strong sell” rating to a “hold” rating in a research note on Friday, January 16th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, Novanta has a consensus rating of “Hold” and a consensus price target of $133.00.

Insiders Place Their Bets

In related news, CFO Robert Buckley sold 1,423 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $140.14, for a total transaction of $199,419.22. Following the sale, the chief financial officer owned 91,034 shares of the company’s stock, valued at approximately $12,757,504.76. The trade was a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $145.04, for a total transaction of $1,087,800.00. Following the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 22,923 shares of company stock worth $3,182,264 in the last ninety days. 1.20% of the stock is currently owned by corporate insiders.

Novanta Price Performance

Shares of NASDAQ NOVT opened at $146.39 on Friday. The stock has a fifty day moving average price of $128.95 and a 200 day moving average price of $118.79. Novanta Inc. has a 1-year low of $98.27 and a 1-year high of $153.20. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.51 and a quick ratio of 1.54. The company has a market cap of $5.24 billion, a PE ratio of 99.59 and a beta of 1.62.

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.