Summit Creek Advisors LLC Sells 2,325 Shares of Novanta Inc. $NOVT

Summit Creek Advisors LLC trimmed its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 4.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,933 shares of the technology company’s stock after selling 2,325 shares during the quarter. Summit Creek Advisors LLC owned approximately 0.15% of Novanta worth $6,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Novanta in the second quarter worth $52,000. Huntington National Bank boosted its position in Novanta by 65.7% during the 2nd quarter. Huntington National Bank now owns 492 shares of the technology company’s stock valued at $63,000 after buying an additional 195 shares during the period. Bank of New York Mellon Corp grew its holdings in Novanta by 9.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 288,077 shares of the technology company’s stock worth $37,142,000 after acquiring an additional 25,677 shares during the last quarter. Geneva Capital Management LLC raised its stake in shares of Novanta by 5.9% during the second quarter. Geneva Capital Management LLC now owns 988,969 shares of the technology company’s stock valued at $127,508,000 after acquiring an additional 54,934 shares during the last quarter. Finally, Atria Investments Inc boosted its holdings in shares of Novanta by 11.2% during the second quarter. Atria Investments Inc now owns 3,031 shares of the technology company’s stock worth $391,000 after purchasing an additional 305 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

NOVT has been the topic of a number of research reports. Zacks Research raised shares of Novanta from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Wall Street Zen lowered shares of Novanta from a “buy” rating to a “hold” rating in a research note on Monday, August 11th. Robert W. Baird cut their price objective on shares of Novanta from $139.00 to $133.00 and set a “neutral” rating on the stock in a report on Monday, August 11th. Finally, Weiss Ratings lowered shares of Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Novanta has an average rating of “Reduce” and an average price target of $133.00.

Novanta Stock Performance

NOVT stock opened at $132.48 on Thursday. The stock has a market capitalization of $4.77 billion, a PE ratio of 77.93 and a beta of 1.54. The stock’s 50 day simple moving average is $113.24 and its 200 day simple moving average is $119.90. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $184.11. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data 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 company had revenue of $247.84 million during the quarter, compared to the consensus estimate of $245.95 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%.Novanta’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period last year, the company earned $0.85 EPS. Novanta has set its FY 2025 guidance at 3.240-3.300 EPS. Q4 2025 guidance at 0.870-0.930 EPS. As a group, research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta declared that its board has authorized a stock repurchase plan on Thursday, September 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 4.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors 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.