Novanta (NASDAQ:NOVT) Issues Q4 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.70-0.74 for the period, compared to the consensus EPS estimate of $0.97. The company issued revenue guidance of $237-242 million, compared to the consensus revenue estimate of $263.99 million. Novanta also updated its FY 2024 guidance to 3.020-3.060 EPS.

Novanta Stock Performance

Shares of NASDAQ:NOVT traded down $0.78 during trading on Friday, hitting $180.74. 1,742 shares of the stock were exchanged, compared to its average volume of 140,222. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of 104.92 and a beta of 1.29. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77. Novanta has a 1-year low of $120.19 and a 1-year high of $187.12. The company’s fifty day simple moving average is $174.22 and its 200-day simple moving average is $169.85.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 EPS for the quarter, hitting analysts’ consensus estimates of $0.85. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The firm had revenue of $244.40 million during the quarter, compared to analysts’ expectations of $242.33 million. During the same quarter last year, the company earned $0.85 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. Sell-side analysts expect that Novanta will post 3.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Robert W. Baird cut their target price on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research note on Wednesday.

Insider Activity

In related news, CFO Robert Buckley sold 4,379 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $176.20, for a total value of $771,579.80. Following the completion of the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $21,217,827.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders sold 9,150 shares of company stock worth $1,608,936. 1.20% of the stock is owned by corporate 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.