Fred Alger Management LLC Buys 39,308 Shares of Novanta Inc. (NASDAQ:NOVT)

Fred Alger Management LLC lifted its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 26.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 188,547 shares of the technology company’s stock after acquiring an additional 39,308 shares during the period. Fred Alger Management LLC owned approximately 0.52% of Novanta worth $33,735,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its holdings in Novanta by 10.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 734,728 shares of the technology company’s stock worth $131,457,000 after purchasing an additional 69,858 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Novanta by 110.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company’s stock worth $17,938,000 after buying an additional 52,573 shares in the last quarter. Blair William & Co. IL raised its position in Novanta by 10.1% in the 2nd quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock valued at $73,172,000 after buying an additional 41,296 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in Novanta by 2.4% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,329,826 shares of the technology company’s stock valued at $216,908,000 after buying an additional 31,290 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Novanta by 8.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 351,307 shares of the technology company’s stock valued at $57,302,000 after acquiring an additional 27,605 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Robert W. Baird lowered their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th.

Novanta Trading Up 1.8 %

Shares of NASDAQ:NOVT opened at $166.98 on Friday. The company’s 50-day moving average price is $173.26 and its two-hundred day moving average price is $170.99. Novanta Inc. has a one year low of $142.35 and a one year high of $187.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The stock has a market capitalization of $6.00 billion, a PE ratio of 99.99 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. The business had revenue of $244.40 million for the quarter, compared to analyst estimates of $242.33 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. Novanta’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.85 earnings per share. On average, equities analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Insider Activity

In other Novanta news, CEO Matthijs Glastra sold 7,500 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the sale, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at approximately $10,131,845.40. This represents a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Robert Buckley sold 4,379 shares of Novanta stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $176.20, for a total transaction of $771,579.80. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at approximately $21,217,827.80. This trade represents a 3.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,650 shares of company stock valued at $2,956,686. 1.20% of the stock is owned by insiders.

About Novanta

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.