Sequoia Financial Advisors LLC Buys Shares of 2,634 Novanta Inc. $NOVT

Sequoia Financial Advisors LLC purchased a new position in Novanta Inc. (NASDAQ:NOVT) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,634 shares of the technology company’s stock, valued at approximately $340,000.

Other hedge funds also recently made changes to their positions in the company. Geneva Capital Management LLC lifted its holdings in Novanta by 9.5% during the 1st quarter. Geneva Capital Management LLC now owns 934,035 shares of the technology company’s stock worth $119,435,000 after purchasing an additional 81,397 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Novanta by 18.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 895,119 shares of the technology company’s stock worth $117,099,000 after buying an additional 141,112 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Novanta by 1.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 693,090 shares of the technology company’s stock valued at $88,626,000 after acquiring an additional 12,921 shares during the period. Champlain Investment Partners LLC boosted its position in shares of Novanta by 45.6% in the first quarter. Champlain Investment Partners LLC now owns 596,190 shares of the technology company’s stock valued at $76,235,000 after acquiring an additional 186,848 shares during the period. Finally, Wellington Management Group LLP grew its stake in Novanta by 1.9% during the first quarter. Wellington Management Group LLP now owns 485,196 shares of the technology company’s stock valued at $62,042,000 after acquiring an additional 9,243 shares in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NOVT has been the topic of several recent analyst reports. Zacks Research upgraded shares of Novanta from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Wall Street Zen cut shares of Novanta from a “buy” rating to a “hold” rating in a report on Monday, August 11th. Robert W. Baird dropped their price objective on Novanta from $139.00 to $133.00 and set a “neutral” rating for the company in a research note on Monday, August 11th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Novanta in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $133.00.

Novanta Stock Up 4.2%

Shares of NOVT opened at $113.00 on Wednesday. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $184.11. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. The stock has a 50 day simple moving average of $111.34 and a two-hundred day simple moving average of $118.65. The firm has a market cap of $4.07 billion, a P/E ratio of 66.47 and a beta of 1.49.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The firm had revenue of $241.05 million during the quarter, compared to analyst estimates of $237.97 million. During the same period in the previous year, the business posted $0.73 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. On average, analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta declared that its Board of Directors has initiated a share buyback plan on Thursday, September 18th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 4.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

About Novanta

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.