Novanta Inc (NASDAQ:NOVT) VP Peter L. Chang sold 3,680 shares of the stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $70.63, for a total transaction of $259,918.40. Following the transaction, the vice president now owns 36,132 shares in the company, valued at approximately $2,552,003.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

NOVT traded up $0.80 during trading on Monday, hitting $71.90. The company’s stock had a trading volume of 118,600 shares, compared to its average volume of 211,218. The company has a current ratio of 3.18, a quick ratio of 2.14 and a debt-to-equity ratio of 0.61. Novanta Inc has a one year low of $36.97 and a one year high of $72.00. The company has a market capitalization of $2.35 billion, a PE ratio of 44.94 and a beta of 1.50.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Novanta had a net margin of 5.14% and a return on equity of 19.99%. The business had revenue of $150.40 million for the quarter, compared to the consensus estimate of $147.26 million. During the same period last year, the firm earned $0.41 earnings per share. The company’s quarterly revenue was up 26.3% on a year-over-year basis. equities analysts forecast that Novanta Inc will post 2 earnings per share for the current fiscal year.

Several research analysts have weighed in on the stock. BidaskClub downgraded shares of Novanta from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 1st. Robert W. Baird downgraded shares of Novanta from an “outperform” rating to a “neutral” rating and set a $54.00 price target on the stock. in a research report on Wednesday, May 9th. Finally, Zacks Investment Research downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. California Public Employees Retirement System raised its position in Novanta by 78.8% in the second quarter. California Public Employees Retirement System now owns 45,486 shares of the technology company’s stock worth $2,834,000 after acquiring an additional 20,050 shares during the period. Castleark Management LLC raised its position in Novanta by 26.6% in the second quarter. Castleark Management LLC now owns 143,359 shares of the technology company’s stock worth $8,931,000 after acquiring an additional 30,080 shares during the period. Putnam Investments LLC raised its position in Novanta by 32.5% in the second quarter. Putnam Investments LLC now owns 51,219 shares of the technology company’s stock worth $3,191,000 after acquiring an additional 12,572 shares during the period. Sandler Capital Management increased its stake in shares of Novanta by 21.5% in the second quarter. Sandler Capital Management now owns 156,390 shares of the technology company’s stock worth $9,743,000 after purchasing an additional 27,670 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its stake in shares of Novanta by 9.8% in the second quarter. Metropolitan Life Insurance Co. NY now owns 10,527 shares of the technology company’s stock worth $656,000 after purchasing an additional 943 shares in the last quarter. Institutional investors and hedge funds own 84.54% of the company’s stock.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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