Novanta (NASDAQ:NOVT – Get Rating) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.71 to $0.76 for the period, compared to the consensus earnings per share estimate of $0.77. The company issued revenue guidance of $214 million to $216 million, compared to the consensus revenue estimate of $212.64 million. Novanta also updated its FY 2022 guidance to $2.96-$3.02 EPS.
Analysts Set New Price Targets
A number of research firms recently commented on NOVT. William Blair raised shares of Novanta from a market perform rating to an outperform rating in a research report on Wednesday, May 11th. TheStreet raised shares of Novanta from a c+ rating to a b- rating in a research report on Friday.
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Novanta Price Performance
NOVT traded down $3.28 during midday trading on Tuesday, hitting $148.79. 1,537 shares of the company traded hands, compared to its average volume of 633,680. The company has a current ratio of 2.05, a quick ratio of 1.29 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $5.31 billion, a price-to-earnings ratio of 93.87 and a beta of 1.16. Novanta has a 52-week low of $110.84 and a 52-week high of $184.44. The business has a 50 day simple moving average of $128.92 and a two-hundred day simple moving average of $131.62.
Novanta (NASDAQ:NOVT – Get Rating) last posted its quarterly earnings results on Tuesday, May 10th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.10. The firm had revenue of $204.20 million for the quarter, compared to the consensus estimate of $195.96 million. Novanta had a net
margin of 7.73% and a return on equity of 19.41%. The company's revenue for the quarter was up 25.6% on a year-over-year basis. During the same period last year, the firm posted $0.58 earnings per share. On average, equities analysts forecast that Novanta will post 3 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Novanta
A number of institutional investors have recently made changes to their positions in NOVT. Invesco Ltd. grew its holdings in shares of Novanta by 7.2% in the first quarter. Invesco Ltd. now owns 404,262 shares of the technology company's stock valued at $57,523,000 after purchasing an additional 27,161 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Novanta by 3.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 292,315 shares of the technology company's stock valued at $41,594,000 after purchasing an additional 9,388 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Novanta by 32.4% in the first quarter. Wellington Management Group LLP now owns 281,600 shares of the technology company's stock valued at $40,069,000 after purchasing an additional 68,846 shares in the last quarter. Eaton Vance Management grew its holdings in shares of Novanta by 20.8% in the first quarter. Eaton Vance Management now owns 59,814 shares of the technology company's stock valued at $8,511,000 after purchasing an additional 10,316 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Novanta in the first quarter valued at approximately $3,472,000. 94.10% of the stock is currently owned by institutional investors and hedge funds.
About Novanta
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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. The company's Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
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