Bessemer Group Inc. Boosts Stock Holdings in Novanta Inc. $NOVT

Bessemer Group Inc. raised its stake in Novanta Inc. (NASDAQ:NOVT) by 24.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 222,391 shares of the technology company’s stock after purchasing an additional 44,252 shares during the quarter. Bessemer Group Inc. owned about 0.62% of Novanta worth $22,272,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Conestoga Capital Advisors LLC boosted its holdings in Novanta by 15.7% in the second quarter. Conestoga Capital Advisors LLC now owns 1,579,626 shares of the technology company’s stock valued at $203,661,000 after acquiring an additional 214,374 shares during the last quarter. Wasatch Advisors LP lifted its stake in shares of Novanta by 10.6% in the 2nd quarter. Wasatch Advisors LP now owns 1,100,029 shares of the technology company’s stock valued at $141,827,000 after purchasing an additional 104,985 shares in the last quarter. Geneva Capital Management LLC lifted its stake in shares of Novanta by 5.9% in the 2nd quarter. Geneva Capital Management LLC now owns 988,969 shares of the technology company’s stock valued at $127,508,000 after purchasing an additional 54,934 shares in the last quarter. William Blair Investment Management LLC grew its holdings in shares of Novanta by 5.5% during the 2nd quarter. William Blair Investment Management LLC now owns 979,893 shares of the technology company’s stock worth $126,338,000 after purchasing an additional 51,005 shares during the period. Finally, Geode Capital Management LLC increased its position in Novanta by 1.4% during the 2nd 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. 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 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 sale, the chief financial officer owned 91,034 shares of the company’s stock, valued at $12,757,504.76. The trade was a 1.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $140.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the chief executive officer owned 71,367 shares in the company, valued at $9,991,380. This represents a 9.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 15,423 shares of company stock worth $2,094,464. Corporate insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

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

Novanta Stock Performance

Novanta stock opened at $141.47 on Friday. The firm has a market capitalization of $5.06 billion, a PE ratio of 96.24 and a beta of 1.62. Novanta Inc. has a one year low of $98.27 and a one year high of $153.20. The stock’s 50 day moving average price is $126.05 and its 200 day moving average price is $118.20. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.54 and a current ratio of 2.51.

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.