Argent Capital Management LLC Acquires Shares of 1,801 Novanta Inc. (NASDAQ:NOVT)

Argent Capital Management LLC acquired a new stake in shares of Novanta Inc. (NASDAQ:NOVT) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,801 shares of the technology company’s stock, valued at approximately $294,000.

Several other hedge funds have also recently modified their holdings of the stock. Rise Advisors LLC purchased a new stake in Novanta in the 1st quarter worth $32,000. First Horizon Advisors Inc. increased its holdings in shares of Novanta by 67.5% in the fourth quarter. First Horizon Advisors Inc. now owns 211 shares of the technology company’s stock worth $36,000 after purchasing an additional 85 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Novanta in the first quarter worth about $52,000. YHB Investment Advisors Inc. bought a new position in Novanta during the first quarter valued at approximately $81,000. Finally, Fidelis Capital Partners LLC purchased a new position in Novanta during the 1st quarter valued at approximately $90,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Insider Activity

In related news, CFO Robert Buckley sold 1,830 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $180.18, for a total value of $329,729.40. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at $21,697,095.42. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Thomas N. Secor sold 1,000 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $158.60, for a total value of $158,600.00. Following the sale, the director now directly owns 928 shares of the company’s stock, valued at approximately $147,180.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert Buckley sold 1,830 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $180.18, for a total value of $329,729.40. Following the transaction, the chief financial officer now owns 120,419 shares of the company’s stock, valued at approximately $21,697,095.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,684 shares of company stock valued at $1,978,901. 1.20% of the stock is currently owned by insiders.

Novanta Stock Performance

Novanta stock opened at $183.54 on Friday. The company’s 50-day moving average price is $171.28 and its 200-day moving average price is $166.96. The company has a quick ratio of 1.77, a current ratio of 2.83 and a debt-to-equity ratio of 0.75. The company has a market cap of $6.59 billion, a PE ratio of 95.10 and a beta of 1.31. Novanta Inc. has a twelve month low of $111.20 and a twelve month high of $187.12.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. Novanta had a return on equity of 16.58% and a net margin of 7.76%. The company had revenue of $235.86 million for the quarter, compared to analysts’ expectations of $233.63 million. During the same period in the previous year, the firm posted $0.80 earnings per share. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, equities research analysts forecast that Novanta Inc. will post 3.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Robert W. Baird increased their target price on Novanta from $170.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th.

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.