Novanta (NASDAQ:NOVT) Issues Quarterly Earnings Results

Novanta (NASDAQ:NOVT) announced its quarterly earnings data on Tuesday. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85, Briefing.com reports. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The firm had revenue of $244.40 million during the quarter, compared to analysts’ expectations of $242.33 million. During the same period last year, the business posted $0.85 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year.

Novanta Stock Down 0.2 %

Shares of NOVT opened at $181.52 on Friday. The stock’s 50-day moving average price is $174.22 and its 200-day moving average price is $169.85. The company has a quick ratio of 1.73, a current ratio of 2.77 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $6.52 billion, a price-to-earnings ratio of 104.92 and a beta of 1.29. Novanta has a 52 week low of $119.64 and a 52 week high of $187.12.

Insider Buying and Selling at Novanta

In other news, CFO Robert Buckley sold 4,379 shares of Novanta stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $176.20, for a total transaction of $771,579.80. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at $21,217,827.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 9,150 shares of company stock valued at $1,608,936. 1.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.