Novanta Inc. (NASDAQ:NOVT) Expected to Earn Q2 2021 Earnings of $0.51 Per Share

Novanta Inc. (NASDAQ:NOVT) – Equities research analysts at William Blair lifted their Q2 2021 EPS estimates for Novanta in a research note issued to investors on Wednesday, May 12th. William Blair analyst B. Drab now forecasts that the technology company will post earnings of $0.51 per share for the quarter, up from their prior estimate of $0.49. William Blair also issued estimates for Novanta’s Q3 2021 earnings at $0.54 EPS, Q4 2021 earnings at $0.59 EPS and FY2021 earnings at $2.22 EPS.

A number of other research analysts also recently weighed in on the company. Zacks Investment Research raised Novanta from a “hold” rating to a “buy” rating and set a $147.00 price target on the stock in a research note on Friday. TheStreet raised Novanta from a “c+” rating to a “b” rating in a research note on Monday, March 1st.

NOVT stock opened at $135.68 on Monday. The stock’s 50 day simple moving average is $133.77 and its 200 day simple moving average is $128.02. Novanta has a fifty-two week low of $93.94 and a fifty-two week high of $146.16. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.51 and a current ratio of 2.27. The company has a market cap of $4.80 billion, a P/E ratio of 116.97 and a beta of 1.09.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, May 11th. The technology company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.39 by $0.19. Novanta had a return on equity of 16.33% and a net margin of 6.81%. The company had revenue of $162.60 million for the quarter, compared to analyst estimates of $156.28 million. During the same quarter in the prior year, the company earned $0.51 EPS. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year.

In other news, CFO Robert Buckley sold 3,572 shares of the stock in a transaction that occurred on Monday, April 26th. The stock was sold at an average price of $140.19, for a total value of $500,758.68. Following the completion of the sale, the chief financial officer now directly owns 153,860 shares of the company’s stock, valued at $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 stock in a transaction that occurred on Monday, April 5th. The stock was sold at an average price of $135.43, for a total value of $1,015,725.00. Following the completion of the sale, the chief executive officer now directly owns 127,833 shares of the company’s stock, valued at $17,312,423.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,276 shares of company stock valued at $3,034,077. Company insiders own 3.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. DF Dent & Co. Inc. increased its position in shares of Novanta by 8.0% during the first quarter. DF Dent & Co. Inc. now owns 118,651 shares of the technology company’s stock valued at $15,649,000 after acquiring an additional 8,758 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Novanta by 2.6% during the first quarter. Ameriprise Financial Inc. now owns 383,394 shares of the technology company’s stock valued at $50,562,000 after acquiring an additional 9,816 shares during the last quarter. Capital International Investors increased its position in shares of Novanta by 29.7% during the first quarter. Capital International Investors now owns 493,422 shares of the technology company’s stock valued at $65,077,000 after acquiring an additional 113,122 shares during the last quarter. Eqis Capital Management Inc. increased its position in shares of Novanta by 29.1% during the first quarter. Eqis Capital Management Inc. now owns 7,778 shares of the technology company’s stock valued at $1,026,000 after acquiring an additional 1,754 shares during the last quarter. Finally, Vident Investment Advisory LLC increased its position in shares of Novanta by 32.2% during the first quarter. Vident Investment Advisory LLC now owns 191,748 shares of the technology company’s stock valued at $25,290,000 after acquiring an additional 46,721 shares during the last quarter. 90.22% of the stock is owned by institutional investors.

About Novanta

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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