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

Herald Investment Management Ltd purchased a new stake in Novanta Inc. (NASDAQ:NOVT) in the third quarter, HoldingsChannel reports. The firm purchased 25,000 shares of the technology company’s stock, valued at approximately $2,503,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sequoia Financial Advisors LLC purchased a new position in Novanta in the 2nd quarter valued at about $340,000. Teacher Retirement System of Texas raised its position in shares of Novanta by 51.2% in the second quarter. Teacher Retirement System of Texas now owns 9,666 shares of the technology company’s stock valued at $1,246,000 after buying an additional 3,272 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of Novanta by 24.8% during the third quarter. Bessemer Group Inc. now owns 222,391 shares of the technology company’s stock valued at $22,272,000 after buying an additional 44,252 shares during the period. Exchange Traded Concepts LLC boosted its position in Novanta by 22.1% during the third quarter. Exchange Traded Concepts LLC now owns 178,375 shares of the technology company’s stock worth $17,864,000 after acquiring an additional 32,278 shares during the last quarter. Finally, Atika Capital Management LLC purchased a new stake in Novanta in the 2nd quarter worth approximately $1,367,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NOVT shares. Zacks Research raised Novanta from a “strong sell” rating to a “hold” rating in a research report on Friday, January 16th. Weiss Ratings upgraded 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, the company has a consensus rating of “Hold” and an average price target of $133.00.

Insider Buying and Selling at Novanta

In related news, CFO Robert Buckley sold 1,423 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $140.14, for a total transaction of $199,419.22. Following the completion of the sale, the chief financial officer directly owned 91,034 shares of the company’s stock, valued at approximately $12,757,504.76. This represents a 1.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the stock in a transaction 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 owned 57,367 shares of the company’s stock, valued at approximately $8,320,509.68. This represents a 11.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 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 Up 5.1%

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

Novanta Profile

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.