Novanta (NASDAQ:NOVT) CEO Sells $1,087,800.00 in Stock

Novanta Inc. (NASDAQ:NOVT) CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $145.04, for a total value of $1,087,800.00. Following the transaction, the chief executive officer directly owned 57,367 shares of the company’s stock, valued at $8,320,509.68. This trade represents a 11.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Matthijs Glastra also recently made the following trade(s):

• On Wednesday, January 21st, Matthijs Glastra sold 7,500 shares of Novanta stock. The shares were sold at an average price of $140.00, for a total value of $1,050,000.00.
• On Friday, January 9th, Matthijs Glastra sold 6,177 shares of Novanta stock. The stock was sold at an average price of $130.00, for a total transaction of $803,010.00.
• On Thursday, January 8th, Matthijs Glastra sold 323 shares of Novanta stock. The shares were sold at an average price of $130.14, for a total transaction of $42,035.22.

Novanta Trading Up 5.1%

Shares of Novanta stock opened at $146.39 on Friday. The firm’s 50 day moving average is $128.95 and its 200 day moving average is $118.79. The firm has a market capitalization of $5.24 billion, a PE ratio of 99.59 and a beta of 1.62. Novanta Inc. has a 1 year low of $98.27 and a 1 year high of $153.20. The company has a current ratio of 2.51, a quick ratio of 1.54 and a debt-to-equity ratio of 0.56.

Analysts Set New Price Targets

Several research firms recently weighed in on NOVT. Zacks Research raised Novanta from a “strong sell” rating to a “hold” rating in a report on Friday, January 16th. Weiss Ratings upgraded Novanta from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, January 20th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Novanta has an average rating of “Hold” and an average target price of $133.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC bought a new position in shares of Novanta in the second quarter valued at $340,000. Teacher Retirement System of Texas raised its holdings in shares of Novanta by 51.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 9,666 shares of the technology company’s stock worth $1,246,000 after acquiring an additional 3,272 shares during the last quarter. Bessemer Group Inc. lifted its position in Novanta by 24.8% in the 3rd quarter. Bessemer Group Inc. now owns 222,391 shares of the technology company’s stock valued at $22,272,000 after acquiring an additional 44,252 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in Novanta by 22.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 178,375 shares of the technology company’s stock valued at $17,864,000 after purchasing an additional 32,278 shares during the last quarter. Finally, Atika Capital Management LLC bought a new stake in Novanta during the 2nd quarter worth approximately $1,367,000. 98.35% of the stock is owned by institutional investors.

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.