Novanta (NASDAQ:NOVT) Releases Q3 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.85-0.89 for the period, compared to the consensus EPS 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.

Analyst Ratings Changes

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

Novanta Trading Up 3.4 %

Shares of NASDAQ:NOVT opened at $174.11 on Friday. Novanta has a twelve month low of $111.20 and a twelve month high of $187.12. The company has a current ratio of 2.83, a quick ratio of 1.77 and a debt-to-equity ratio of 0.75. The firm has a market cap of $6.25 billion, a P/E ratio of 89.67 and a beta of 1.31. The company has a 50 day moving average of $167.46 and a 200-day moving average of $165.36.

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

Insider Buying and Selling at Novanta

In other news, CEO Matthijs Glastra sold 1,086 shares of Novanta stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $160.84, for a total value of $174,672.24. Following the transaction, the chief executive officer now owns 23,486 shares of the company’s stock, valued at approximately $3,777,488.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Thomas N. Secor sold 1,000 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $158.60, for a total transaction of $158,600.00. Following the sale, the director now directly owns 928 shares of the company’s stock, valued at $147,180.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthijs Glastra sold 1,086 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $160.84, for a total value of $174,672.24. Following the completion of the transaction, 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. In the last three months, insiders sold 11,684 shares of company stock valued at $1,978,901. 1.20% of the stock is owned by insiders.

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.