Novanta (NASDAQ:NOVT) Issues Q3 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.85-0.89 for the period, compared to the consensus earnings per share estimate of $0.86. The company issued revenue guidance of $241-244 million, compared to the consensus revenue estimate of $251.14 million. Novanta also updated its FY 2024 guidance to 3.200-3.350 EPS.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird raised their target price on Novanta from $170.00 to $175.00 and gave the stock a neutral rating in a report on Wednesday.

Novanta Trading Up 3.4 %

NOVT stock opened at $174.11 on Friday. The company has a quick ratio of 1.77, a current ratio of 2.83 and a debt-to-equity ratio of 0.75. Novanta has a 52-week low of $111.20 and a 52-week high of $187.12. The company’s 50-day simple moving average is $167.46 and its 200-day simple moving average is $165.36. The firm has a market cap of $6.25 billion, a P/E ratio of 89.67 and a beta of 1.31.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. The business had revenue of $235.86 million during the quarter, compared to analysts’ expectations of $233.63 million. Novanta had a return on equity of 16.58% and a net margin of 7.76%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.80 earnings per share. As a group, equities analysts forecast that Novanta will post 3.26 EPS for the current fiscal year.

Insider Transactions at Novanta

In other Novanta news, CFO Robert Buckley sold 4,108 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $172.75, for a total transaction of $709,657.00. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $20,802,382.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Robert Buckley sold 4,108 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $172.75, for a total transaction of $709,657.00. Following the completion of the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $20,802,382.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthijs Glastra sold 1,086 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $160.84, for a total transaction of $174,672.24. Following the completion of the sale, the chief executive officer now owns 23,486 shares of the company’s stock, valued at approximately $3,777,488.24. The disclosure for this sale can be found here. Insiders sold 11,684 shares of company stock valued at $1,978,901 over the last 90 days. Corporate insiders own 1.20% of the company’s stock.

Novanta Company Profile

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.