Novanta (NASDAQ:NOVT) Issues FY24 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $3.02-3.06 for the period, compared to the consensus earnings per share estimate of $3.29. The company issued revenue guidance of ~$948-953 million, compared to the consensus revenue estimate of $973.07 million. Novanta also updated its FY 2024 guidance to 3.020-3.060 EPS.

Analysts Set New Price Targets

Separately, Robert W. Baird lifted their price objective on Novanta from $170.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th.

Novanta Trading Down 5.4 %

Shares of NOVT traded down $9.46 during mid-day trading on Tuesday, reaching $164.71. The company had a trading volume of 250,862 shares, compared to its average volume of 139,033. The stock has a market cap of $5.91 billion, a price-to-earnings ratio of 94.92 and a beta of 1.29. The company has a current ratio of 2.77, a quick ratio of 1.73 and a debt-to-equity ratio of 0.68. The firm has a fifty day simple moving average of $174.56 and a 200-day simple moving average of $169.58. Novanta has a fifty-two week low of $111.20 and a fifty-two week high of $187.12.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping 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 15.77% and a net margin of 6.91%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 EPS. On average, sell-side analysts anticipate that Novanta will post 3.3 EPS for the current fiscal year.

Insider Activity at Novanta

In other news, CFO Robert Buckley sold 1,111 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $180.45, for a total transaction of $200,479.95. Following the transaction, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at approximately $21,729,608.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders sold 9,150 shares of company stock worth $1,608,936. Corporate 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.