Insider Selling: Novanta Inc (NOVT) Director Sells $34,075,000.00 in Stock
Novanta Inc (NASDAQ:NOVT) Director Stephen W. Bershad sold 500,000 shares of the stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $68.15, for a total value of $34,075,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.
Shares of Novanta stock opened at $64.47 on Thursday. Novanta Inc has a 12 month low of $43.65 and a 12 month high of $78.85. The company has a market cap of $2.42 billion, a P/E ratio of 40.29 and a beta of 1.72. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.89 and a quick ratio of 1.97.
Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, November 6th. The technology company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.09. Novanta had a return on equity of 18.95% and a net margin of 6.18%. The company had revenue of $160.79 million during the quarter, compared to analyst estimates of $154.43 million. During the same period in the prior year, the company earned $0.45 earnings per share. The firm’s revenue was up 9.9% on a year-over-year basis. Research analysts predict that Novanta Inc will post 2.06 earnings per share for the current year.
A number of equities analysts recently commented on NOVT shares. BidaskClub lowered Novanta from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Zacks Investment Research raised Novanta from a “hold” rating to a “buy” rating and set a $74.00 price target for the company in a research note on Saturday, August 11th. Finally, ValuEngine lowered Novanta from a “buy” rating to a “hold” rating in a research note on Saturday, October 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Novanta has a consensus rating of “Buy” and a consensus target price of $67.00.
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Novanta Company Profile
Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
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