Novanta (NASDAQ:NOVT) Releases Earnings Results

Novanta (NASDAQ:NOVT) released its quarterly earnings data on Monday. The technology company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03, FiscalAI reports. The firm had revenue of $258.35 million for the quarter, compared to analysts’ expectations of $260.72 million. Novanta had a net margin of 5.50% and a return on equity of 14.53%.

Novanta Stock Down 2.5%

Shares of NOVT traded down $3.58 on Monday, hitting $142.38. 625,403 shares of the stock traded hands, compared to its average volume of 450,487. Novanta has a one year low of $98.27 and a one year high of $153.20. The business has a 50 day simple moving average of $131.69 and a 200 day simple moving average of $119.68. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.54 and a current ratio of 2.51. The company has a market capitalization of $5.09 billion, a PE ratio of 96.86 and a beta of 1.62.

Insider Transactions at Novanta

In related news, CEO Matthijs Glastra sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $145.04, for a total value of $1,087,800.00. Following the sale, the chief executive officer owned 57,367 shares in the company, valued at approximately $8,320,509.68. This trade represents a 11.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robert Buckley sold 1,423 shares of Novanta stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $140.14, for a total value of $199,419.22. Following the completion of the sale, the chief financial officer directly owned 91,034 shares of the company’s stock, valued at $12,757,504.76. The trade was a 1.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 22,923 shares of company stock worth $3,182,264. Insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp lifted its stake in shares of Novanta by 1.0% in the 4th quarter. State Street Corp now owns 1,319,474 shares of the technology company’s stock worth $157,004,000 after purchasing an additional 13,603 shares during the period. Wasatch Advisors LP increased its holdings in Novanta by 10.6% during the second quarter. Wasatch Advisors LP now owns 1,100,029 shares of the technology company’s stock valued at $141,827,000 after buying an additional 104,985 shares during the last quarter. JPMorgan Chase & Co. raised its position in Novanta by 3.8% in the fourth quarter. JPMorgan Chase & Co. now owns 781,562 shares of the technology company’s stock worth $92,998,000 after acquiring an additional 28,451 shares during the period. Schroder Investment Management Group boosted its stake in shares of Novanta by 206.1% during the 4th quarter. Schroder Investment Management Group now owns 600,146 shares of the technology company’s stock worth $72,540,000 after acquiring an additional 404,097 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Novanta by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 597,921 shares of the technology company’s stock worth $71,149,000 after acquiring an additional 2,985 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOVT has been the subject of a number of recent analyst reports. Zacks Research raised Novanta from a “strong sell” rating to a “hold” rating in a research report on Friday, January 16th. Weiss Ratings raised Novanta from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, January 20th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Novanta currently has a consensus rating of “Hold” and an average price target of $133.00.

Novanta Company Profile

Novanta, Inc (NASDAQ: NOVT) is a global technology company that designs and manufactures precision components, subsystems and software used in advanced photonics and motion control applications. The company serves customers in the medical device and advanced industrial markets, supplying critical technologies for diagnostics and therapeutic systems, semiconductor and electronics manufacturing, and scientific instrumentation. Novanta’s product portfolio includes laser control modules, optics, beam delivery systems, high-precision motors, actuators, stages, and fluidics solutions designed to meet stringent accuracy and reliability requirements.

Novanta’s Photonics segment delivers laser and energy delivery components that enable minimally invasive surgical procedures and diagnostic imaging.