Novanta (NASDAQ:NOVT) Releases FY 2021 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its FY 2021 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.040-2.190 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.110. The company issued revenue guidance of $645 million-655 million, compared to the consensus revenue estimate of $644.35 million.Novanta also updated its Q2 2021 guidance to $0.490-0.530 EPS.

Shares of NOVT stock traded down $1.14 during mid-day trading on Friday, reaching $134.44. 122 shares of the company’s stock traded hands, compared to its average volume of 100,979. Novanta has a 12 month low of $95.53 and a 12 month high of $146.16. The firm has a market cap of $4.76 billion, a P/E ratio of 110.23 and a beta of 1.00. The company has a current ratio of 2.63, a quick ratio of 1.87 and a debt-to-equity ratio of 0.39. The firm’s 50-day simple moving average is $135.28.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, May 11th. The technology company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.19. Novanta had a net margin of 7.34% and a return on equity of 15.66%. The firm had revenue of $162.60 million for the quarter, compared to analysts’ expectations of $156.28 million. During the same quarter in the previous year, the business posted $0.51 EPS. The company’s quarterly revenue was up 4.6% on a year-over-year basis. On average, sell-side analysts expect that Novanta will post 2.16 EPS for the current year.

NOVT has been the topic of a number of research reports. TheStreet upgraded shares of Novanta from a c+ rating to a b rating in a report on Monday, March 1st. Zacks Investment Research upgraded shares of Novanta from a hold rating to a buy rating and set a $155.00 target price on the stock in a report on Wednesday.

In related news, CFO Robert Buckley sold 3,572 shares of the company’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $140.19, for a total value of $500,758.68. Following the transaction, the chief financial officer now owns 153,860 shares in the company, valued at approximately $21,569,633.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the company’s stock in a transaction dated Monday, April 5th. The stock was sold at an average price of $135.43, for a total transaction of $1,015,725.00. Following the completion of the transaction, the chief executive officer now owns 127,833 shares in the company, valued at approximately $17,312,423.19. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,776 shares of company stock worth $4,066,677. 3.40% of the stock is currently owned by company insiders.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. Its Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products for photonics-based applications, such as industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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