Novanta (NASDAQ:NOVT) Issues FY24 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its FY24 earnings guidance on Tuesday. 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.

Novanta Stock Down 0.2 %

Shares of NASDAQ:NOVT traded down $0.42 during mid-day trading on Thursday, hitting $181.52. 169,551 shares of the company traded hands, compared to its average volume of 140,863. The stock has a 50-day moving average price of $174.22 and a two-hundred day moving average price of $169.85. Novanta has a 12-month low of $119.64 and a 12-month high of $187.12. The stock has a market cap of $6.52 billion, a P/E ratio of 104.92 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.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share (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 for the quarter, compared to the consensus estimate of $242.33 million. During the same period in the previous year, the firm earned $0.85 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities research analysts forecast that Novanta will post 3.3 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Robert W. Baird decreased their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company 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 on Friday, September 27th. The stock was sold at an average price of $180.45, for a total transaction of $200,479.95. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at $21,729,608.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 9,150 shares of company stock valued at $1,608,936. 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.