Envestnet Asset Management Inc. Raises Stock Position in Novanta Inc. $NOVT

Envestnet Asset Management Inc. increased its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 15.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 81,691 shares of the technology company’s stock after purchasing an additional 10,896 shares during the period. Envestnet Asset Management Inc.’s holdings in Novanta were worth $8,181,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Wasatch Advisors LP increased its stake in Novanta by 10.6% during the 2nd quarter. Wasatch Advisors LP now owns 1,100,029 shares of the technology company’s stock worth $141,827,000 after buying an additional 104,985 shares in the last quarter. Geneva Capital Management LLC boosted its stake in shares of Novanta by 5.9% in the second quarter. Geneva Capital Management LLC now owns 988,969 shares of the technology company’s stock worth $127,508,000 after acquiring an additional 54,934 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Novanta by 1.4% during the second quarter. Geode Capital Management LLC now owns 919,666 shares of the technology company’s stock worth $118,585,000 after purchasing an additional 12,789 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Novanta by 1.2% during the second quarter. JPMorgan Chase & Co. now owns 722,437 shares of the technology company’s stock worth $93,144,000 after purchasing an additional 8,295 shares in the last quarter. Finally, Champlain Investment Partners LLC raised its stake in Novanta by 16.5% in the 2nd quarter. Champlain Investment Partners LLC now owns 694,691 shares of the technology company’s stock valued at $89,567,000 after purchasing an additional 98,501 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Robert Buckley sold 1,423 shares of Novanta stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 91,034 shares in the company, valued at approximately $12,757,504.76. This trade represents a 1.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $145.04, for a total value of $1,087,800.00. Following the completion of the sale, the chief executive officer directly owned 57,367 shares in the company, valued at approximately $8,320,509.68. The trade was a 11.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 22,923 shares of company stock worth $3,182,264 in the last 90 days. Company insiders own 1.20% of the company’s stock.

Novanta Stock Performance

Novanta stock opened at $144.93 on Friday. The firm has a 50 day simple moving average of $131.15 and a 200-day simple moving average of $119.46. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of 98.59 and a beta of 1.62. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.51 and a quick ratio of 1.54. Novanta Inc. has a 1-year low of $98.27 and a 1-year high of $153.20.

Wall Street Analyst Weigh In

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

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.