Novanta (NASDAQ:NOVT) Issues Quarterly Earnings Results, Meets Estimates

Novanta (NASDAQ:NOVT) issued its earnings results on Tuesday. The technology company reported $0.85 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.85, Briefing.com reports. The firm had revenue of $244.40 million for the quarter, compared to analyst estimates of $242.33 million. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the business posted $0.85 earnings per share.

Novanta Trading Up 10.5 %

NOVT opened at $181.94 on Thursday. The company’s 50 day moving average price is $174.24 and its two-hundred day moving average price is $169.77. The firm has a market capitalization of $6.53 billion, a price-to-earnings ratio of 105.17 and a beta of 1.29. Novanta has a fifty-two week low of $111.20 and a fifty-two week high of $187.12. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.77 and a quick ratio of 1.73.

Analysts Set New Price Targets

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

Insider Activity

In related news, CFO Robert Buckley sold 3,660 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total value of $636,876.60. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at $20,954,110.19. This represents 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. Over the last 90 days, insiders 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.