Fred Alger Management LLC Grows Holdings in Novanta Inc. $NOVT

Fred Alger Management LLC increased its position in shares of Novanta Inc. (NASDAQ:NOVT) by 9.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 194,868 shares of the technology company’s stock after buying an additional 16,602 shares during the period. Fred Alger Management LLC’s holdings in Novanta were worth $23,187,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOVT. Allspring Global Investments Holdings LLC increased its stake in Novanta by 75.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,399,462 shares of the technology company’s stock worth $155,536,000 after buying an additional 604,055 shares during the period. GW&K Investment Management LLC increased its stake in Novanta by 187.3% during the 4th quarter. GW&K Investment Management LLC now owns 736,954 shares of the technology company’s stock worth $87,691,000 after buying an additional 480,413 shares during the period. Sculptor Capital LP purchased a new stake in Novanta during the 4th quarter worth $51,265,000. Norges Bank purchased a new stake in Novanta during the 4th quarter worth $50,719,000. Finally, Schroder Investment Management Group increased its stake in Novanta by 206.1% during the 4th quarter. Schroder Investment Management Group now owns 600,146 shares of the technology company’s stock worth $72,540,000 after buying an additional 404,097 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Insider Buying and Selling at Novanta

In other news, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $150.43, for a total value of $1,128,225.00. Following the completion of the transaction, the chief executive officer directly owned 42,761 shares of the company’s stock, valued at approximately $6,432,537.23. The trade was a 14.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.20% of the company’s stock.

Novanta Price Performance

NOVT opened at $155.13 on Wednesday. The company has a 50-day moving average of $144.66 and a 200-day moving average of $133.46. The company has a market capitalization of $5.52 billion, a P/E ratio of 112.41 and a beta of 1.67. Novanta Inc. has a 1-year low of $98.27 and a 1-year high of $171.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.69 and a current ratio of 3.56.

Novanta (NASDAQ:NOVT) last released its earnings results on Monday, May 11th. The technology company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.03. The company had revenue of $257.71 million during the quarter, compared to the consensus estimate of $253.40 million. Novanta had a net margin of 5.35% and a return on equity of 12.06%. The company’s revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.74 EPS. Novanta has set its FY 2026 guidance at 3.500-3.650 EPS and its Q2 2026 guidance at 0.810-0.860 EPS. Equities analysts expect that Novanta Inc. will post 3.59 EPS for the current fiscal year.

Analysts Set New Price Targets

NOVT has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. Weiss Ratings reissued a “hold (c-)” rating on shares of Novanta in a research report on Friday, April 17th. Finally, Robert W. Baird set a $180.00 target price on shares of Novanta in a research report on Tuesday, June 9th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $180.00.

About Novanta

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.