Gibbs Wealth Management Purchases New Stake in Novanta Inc. $NOVT

Gibbs Wealth Management acquired a new position in shares of Novanta Inc. (NASDAQ:NOVT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,257 shares of the technology company’s stock, valued at approximately $526,000.

A number of other large investors have also recently made changes to their positions in the business. AQR Capital Management LLC increased its position in shares of Novanta by 78.9% during the first quarter. AQR Capital Management LLC now owns 4,231 shares of the technology company’s stock worth $537,000 after acquiring an additional 1,866 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Novanta by 1.6% in the first quarter. Goldman Sachs Group Inc. now owns 419,037 shares of the technology company’s stock worth $53,582,000 after purchasing an additional 6,533 shares during the last quarter. Jane Street Group LLC raised its stake in shares of Novanta by 1,762.5% in the first quarter. Jane Street Group LLC now owns 61,631 shares of the technology company’s stock worth $7,881,000 after purchasing an additional 58,322 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Novanta in the second quarter valued at approximately $206,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Novanta by 8,193.5% during the second quarter. Public Employees Retirement System of Ohio now owns 11,445 shares of the technology company’s stock valued at $1,476,000 after buying an additional 11,307 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, CFO Robert Buckley sold 1,423 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $140.14, for a total value 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $140.00, for a total transaction of $1,050,000.00. Following the sale, the chief executive officer owned 71,367 shares in the company, valued at $9,991,380. The trade was a 9.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 15,423 shares of company stock valued at $2,094,464. 1.20% of the stock is currently owned by insiders.

Novanta Stock Down 0.3%

NOVT opened at $137.89 on Friday. Novanta Inc. has a twelve month low of $98.27 and a twelve month high of $153.20. The company’s 50-day moving average price is $119.97 and its two-hundred day moving average price is $117.44. The stock has a market cap of $4.93 billion, a price-to-earnings ratio of 93.80 and a beta of 1.60. The company has a quick ratio of 1.54, a current ratio of 2.51 and a debt-to-equity ratio of 0.56.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Monday, November 3rd. The technology company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. Novanta had a net margin of 5.50% and a return on equity of 14.53%. The company had revenue of $247.84 million for the quarter, compared to analysts’ expectations of $245.95 million. During the same quarter in the previous year, the firm posted $0.85 EPS. Novanta’s revenue was up 1.4% on a year-over-year basis. Novanta has set its FY 2025 guidance at 3.240-3.300 EPS and its Q4 2025 guidance at 0.870-0.930 EPS. As a group, equities analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

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.