Congress Asset Management Co. Buys 6,075 Shares of Novanta Inc. $NOVT

Congress Asset Management Co. grew its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 0.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 979,842 shares of the technology company’s stock after buying an additional 6,075 shares during the quarter. Novanta comprises 0.9% of Congress Asset Management Co.’s holdings, making the stock its 25th biggest position. Congress Asset Management Co. owned about 2.59% of Novanta worth $139,324,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. lifted its position in Novanta by 3.8% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 1,914 shares of the technology company’s stock worth $311,000 after purchasing an additional 70 shares during the period. State Street Corp raised its stake in shares of Novanta by 7.3% in the 2nd quarter. State Street Corp now owns 1,436,785 shares of the technology company’s stock worth $233,005,000 after buying an additional 97,621 shares in the last quarter. SkyView Investment Advisors LLC bought a new stake in shares of Novanta in the 2nd quarter worth $227,000. Tidal Investments LLC lifted its holdings in shares of Novanta by 615.8% in the second quarter. Tidal Investments LLC now owns 34,631 shares of the technology company’s stock valued at $5,619,000 after buying an additional 29,793 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in shares of Novanta in the second quarter valued at $260,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on NOVT shares. Zacks Research raised Novanta from a “hold” rating to a “strong-buy” rating in a report on Friday, August 14th. Wall Street Zen raised shares of Novanta from a “hold” rating to a “buy” rating in a research note on Sunday, August 9th. Robert W. Baird set a $194.00 target price on shares of Novanta in a research note on Friday, August 7th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Novanta in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $194.00.

Novanta Trading Down 1.0%

Shares of NASDAQ:NOVT traded down $1.51 during midday trading on Tuesday, reaching $149.10. The company had a trading volume of 418,924 shares, compared to its average volume of 445,324. The company has a fifty day simple moving average of $147.51 and a two-hundred day simple moving average of $144.70. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of 95.58 and a beta of 1.72. Novanta Inc. has a 1-year low of $98.27 and a 1-year high of $176.38. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.79 and a current ratio of 4.57.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. The company had revenue of $265.81 million during the quarter, compared to analyst estimates of $262.30 million. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 earnings per share. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. Research analysts predict that Novanta Inc. will post 3.7 earnings per share for the current year.

About Novanta

Novanta Inc (NASDAQ:NOVT) is a medical technology and advanced equipment company that develops components and subsystems used by original equipment manufacturers. Its technologies are designed for applications requiring precision motion, photonics, imaging, and other specialized capabilities, with a primary focus on healthcare and medical device markets.

The company’s offerings include precision motion control systems, motors, pumps, encoders, laser sources, optical components, and beam-delivery systems.