Novanta (NASDAQ:NOVT) Updates FY 2024 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 3.020-3.060 for the period, compared to the consensus earnings per share estimate of 3.290. The company issued revenue guidance of $948.0 million-$953.0 million, compared to the consensus revenue estimate of $973.1 million. Novanta also updated its FY24 guidance to $3.02-3.06 EPS.

Novanta Trading Up 0.1 %

NOVT traded up $0.17 on Friday, hitting $181.69. 14,312 shares of the company were exchanged, compared to its average volume of 140,264. 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 12 month low of $120.19 and a 12 month high of $187.12. The firm has a fifty day simple moving average of $174.22 and a two-hundred day simple moving average of $169.85. The stock has a market capitalization of $6.52 billion, a PE ratio of 104.92 and a beta of 1.29.

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

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

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