Congress Asset Management Co. Acquires 6,075 Shares of Novanta Inc. $NOVT

Congress Asset Management Co. increased its holdings in Novanta Inc. (NASDAQ:NOVT) by 0.6% in the 3rd quarter, Holdings Channel reports. The fund owned 979,842 shares of the technology company’s stock after purchasing an additional 6,075 shares during the period. Novanta makes up about 0.9% of Congress Asset Management Co.’s portfolio, making the stock its 25th biggest position. Congress Asset Management Co.’s holdings in Novanta were worth $139,324,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. State Street Corp increased its holdings in shares of Novanta by 7.3% in the 2nd quarter. State Street Corp now owns 1,436,785 shares of the technology company’s stock valued at $233,005,000 after purchasing an additional 97,621 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Novanta by 27.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,776,694 shares of the technology company’s stock valued at $210,307,000 after buying an additional 377,232 shares during the period. Bamco Inc. NY acquired a new position in Novanta in the 2nd quarter valued at approximately $137,984,000. William Blair Investment Management LLC acquired a new stake in shares of Novanta during the 2nd quarter valued at $124,254,000. Finally, Wasatch Advisors LP grew its holdings in shares of Novanta by 54.6% during the 1st quarter. Wasatch Advisors LP now owns 996,645 shares of the technology company’s stock valued at $117,714,000 after acquiring an additional 351,863 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NOVT has been the topic of a number of recent research reports. Wall Street Zen upgraded Novanta from a “hold” rating to a “buy” rating in a research note on Sunday, August 9th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Novanta in a research report on Wednesday, July 15th. Zacks Research raised shares of Novanta from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 14th. Finally, Robert W. Baird set a $194.00 price target on shares of Novanta in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $194.00.

Novanta Stock Performance

NOVT stock traded down $1.51 during midday trading on Tuesday, hitting $149.10. 418,924 shares of the company traded hands, compared to its average volume of 445,324. Novanta Inc. has a twelve month low of $98.27 and a twelve month high of $176.38. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 95.58 and a beta of 1.72. The company has a quick ratio of 3.79, a current ratio of 4.57 and a debt-to-equity ratio of 0.12. The business has a 50 day simple moving average of $147.51 and a 200-day simple moving average of $144.70.

Novanta (NASDAQ:NOVT) last announced its earnings results on Wednesday, August 5th. The technology company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.06. The firm had revenue of $265.81 million during the quarter, compared to the consensus estimate of $262.30 million. Novanta had a return on equity of 10.83% and a net margin of 6.00%.The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.76 EPS. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. As a group, equities research analysts predict that Novanta Inc. will post 3.7 earnings per share for the current year.

Novanta Company Profile

Novanta Inc (NASDAQ:NOVT) is a medical technology and advanced equipment company that develops components and subsystems used by original equipment manufacturers. Its technologies are designed for applications requiring precision motion, photonics, imaging, and other specialized capabilities, with a primary focus on healthcare and medical device markets.

The company’s offerings include precision motion control systems, motors, pumps, encoders, laser sources, optical components, and beam-delivery systems.