Fred Alger Management LLC Has $33.74 Million Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Fred Alger Management LLC raised its stake in Novanta Inc. (NASDAQ:NOVT) by 26.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 188,547 shares of the technology company’s stock after purchasing an additional 39,308 shares during the period. Fred Alger Management LLC’s holdings in Novanta were worth $33,735,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Clearline Capital LP grew its stake in Novanta by 71.1% in the 2nd quarter. Clearline Capital LP now owns 11,497 shares of the technology company’s stock valued at $1,875,000 after buying an additional 4,778 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Novanta by 33.1% during the 3rd quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after purchasing an additional 59 shares during the last quarter. Raymond James & Associates boosted its stake in Novanta by 3.5% in the 2nd quarter. Raymond James & Associates now owns 50,640 shares of the technology company’s stock valued at $8,260,000 after purchasing an additional 1,720 shares during the period. Blair William & Co. IL grew its holdings in Novanta by 10.1% in the 2nd quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock valued at $73,172,000 after buying an additional 41,296 shares in the last quarter. Finally, Argent Capital Management LLC bought a new position in Novanta during the 2nd quarter worth $294,000. 98.35% of the stock is owned by institutional investors.

Novanta Stock Performance

Shares of NASDAQ:NOVT opened at $166.98 on Friday. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12-month low of $142.35 and a 12-month high of $187.12. The company’s 50 day moving average price is $173.26 and its two-hundred day moving average price is $170.99. The firm has a market cap of $6.00 billion, a PE ratio of 99.99 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.85. The business had revenue of $244.40 million for the quarter, compared to the consensus estimate of $242.33 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.85 earnings per share. Equities research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $179.70, for a total value of $1,347,750.00. Following the completion of the transaction, the chief executive officer now directly owns 56,382 shares in the company, valued at approximately $10,131,845.40. The trade was a 11.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Robert Buckley sold 4,379 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $176.20, for a total transaction of $771,579.80. Following the sale, the chief financial officer now owns 120,419 shares in the company, valued at $21,217,827.80. This represents a 3.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,650 shares of company stock worth $2,956,686. Company insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird reduced their target price on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th.

About Novanta

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.