Novanta (NASDAQ:NOVT) Updates FY 2024 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 3.200-3.350 for the period, compared to the consensus EPS estimate of 3.250. The company issued revenue guidance of $975.0 million-$975.0 million, compared to the consensus revenue estimate of $980.6 million. Novanta also updated its FY24 guidance to $3.20-3.35 EPS.

Novanta Stock Performance

NASDAQ:NOVT traded down $2.78 during trading hours on Friday, reaching $171.33. 113,308 shares of the company’s stock were exchanged, compared to its average volume of 140,731. The company has a quick ratio of 1.77, a current ratio of 2.83 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $6.15 billion, a price-to-earnings ratio of 88.99 and a beta of 1.31. Novanta has a 1-year low of $111.20 and a 1-year high of $187.12. The company has a 50-day moving average of $167.76 and a 200 day moving average of $165.42.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 earnings per share 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 company had revenue of $235.86 million for the quarter, compared to analyst estimates of $233.63 million. During the same quarter in the previous year, the company earned $0.80 EPS. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. Research analysts anticipate that Novanta will post 3.26 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Novanta

In other news, Director Thomas N. Secor sold 1,000 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $158.60, for a total transaction of $158,600.00. Following the completion of the transaction, the director now owns 928 shares in the company, valued at $147,180.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Novanta news, CFO Robert Buckley sold 1,830 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $180.18, for a total transaction of $329,729.40. Following the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $21,697,095.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas N. Secor sold 1,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $158.60, for a total transaction of $158,600.00. Following the completion of the transaction, the director now owns 928 shares of the company’s stock, valued at $147,180.80. The disclosure for this sale can be found here. Insiders sold a total of 11,684 shares of company stock worth $1,978,901 over the last ninety days. Company insiders own 1.20% of the company’s stock.

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.