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Should You Sell Novanta (NOVT) Now?

Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned 3.23%, Advisor Class fund APDSX posted a return of 3.27%, and Institutional Class fund APHSX returned 3.27%, compared to a return of 0.24% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

In the third-quarter letter, Artisan Partners discussed stocks like Novanta Inc. (NASDAQ:NOVT). Headquartered in Bedford, Massachusetts, Novanta Inc. (NASDAQ:NOVT) manufacturers, markets and distributes photonics, vision, and precision motion components and sub-systems. On November 11, 2022, Novanta Inc. (NASDAQ:NOVT) stock closed at $155.30 per share. One-month return of Novanta Inc. (NASDAQ:NOVT) was 30.67% and its shares lost 5.53% of their value over the last 52 weeks. Novanta Inc. (NASDAQ:NOVT) has a market capitalization of $5.543 billion.

Artisan Partners made the following comment about Novanta Inc. (NASDAQ:NOVT) in its Q3 2022 investor letter:

"Novanta Inc. (NASDAQ:NOVT) is a leading provider of photonic and motion-control components for medical and industrial equipment. The company’s products are benefiting from several secular growth trends such as warehouse automation, robotic surgery, endoscopy, DNA sequencing and advanced laser material processing. In addition, a high-quality management team is driving attractive margin expansion via higher value product offerings and acquisitions to add technology and customer content. We pared our exposure in late July as the stock price exceeded our PMV estimate."

Pixabay / Public Domain

Novanta Inc. (NASDAQ:NOVT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Novanta Inc. (NASDAQ:NOVT) at the end of the second quarter which was 15 in the previous quarter.

We discussed Novanta Inc. (NASDAQ:NOVT) in another article and shared the best robotics stocks to buy for 2022. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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