10,600 Shares in Novanta Inc. $NOVT Acquired by Atika Capital Management LLC

Atika Capital Management LLC acquired a new position in shares of Novanta Inc. (NASDAQ:NOVT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,600 shares of the technology company’s stock, valued at approximately $1,367,000.

Other large investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Novanta by 4.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,376 shares of the technology company’s stock worth $304,000 after acquiring an additional 103 shares during the period. Harbor Investment Advisory LLC increased its position in Novanta by 29.0% during the second quarter. Harbor Investment Advisory LLC now owns 671 shares of the technology company’s stock worth $87,000 after purchasing an additional 151 shares during the last quarter. Norden Group LLC raised its stake in Novanta by 6.5% during the first quarter. Norden Group LLC now owns 3,079 shares of the technology company’s stock worth $394,000 after purchasing an additional 187 shares during the period. Huntington National Bank raised its stake in Novanta by 65.7% during the second quarter. Huntington National Bank now owns 492 shares of the technology company’s stock worth $63,000 after purchasing an additional 195 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Novanta by 58.3% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 657 shares of the technology company’s stock valued at $84,000 after purchasing an additional 242 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Novanta from a “buy” rating to a “hold” rating in a report on Monday, August 11th. Zacks Research raised Novanta from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings lowered Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Finally, Robert W. Baird lowered their price target on Novanta from $139.00 to $133.00 and set a “neutral” rating for the company in a report on Monday, August 11th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $133.00.

Novanta Stock Up 0.9%

Shares of NASDAQ NOVT opened at $112.95 on Thursday. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average is $110.49 and its two-hundred day moving average is $118.58. Novanta Inc. has a 52-week low of $98.27 and a 52-week high of $173.16. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 66.44 and a beta of 1.54.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Monday, November 3rd. The technology company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.81 by $0.06. The business had revenue of $247.84 million during the quarter, compared to analyst estimates of $245.95 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The company’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the business posted $0.85 earnings per share. Novanta has set its FY 2025 guidance at 3.240-3.300 EPS. Q4 2025 guidance at 0.870-0.930 EPS. Research analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Novanta announced that its board has initiated a stock buyback program on Thursday, September 18th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to repurchase up to 4.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Novanta Company Profile

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.