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Novanta CEO Matthijs Glastra sells $1.35 million in shares

Published 13/11/2024, 22:21
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BEDFORD, Mass.—Novanta Inc. (NASDAQ:NOVT) CEO Matthijs Glastra recently sold a significant portion of his holdings in the company, according to a regulatory filing. On November 11, Glastra sold a total of 7,500 shares of common stock, generating approximately $1.35 million. The shares were sold at prices ranging from $178.36 to $183.16 per share.

Following these transactions, Glastra holds 56,382 shares directly through the Matthijs Glastra 2021 Irrevocable Trust. Additionally, indirect holdings include 41,487 shares through the Anna Maria Vogelaar 2020 Trust and 27,693 shares through the Matthijs Glastra 2023 GRAT.

These transactions reflect Glastra's ongoing management of his equity in the company, which operates in the miscellaneous electrical machinery and equipment sector.

In other recent news, Novanta Incorporated reported a robust Q3 performance with a 10% year-over-year increase in revenue, reaching $244 million. Adjusted EBITDA also rose to $57 million, up 9% from the previous year. Despite a flat organic growth and some short-term challenges, the company anticipates $50 million in new product revenue for 2025. Novanta is actively pursuing acquisitions, with a target pipeline of over $20 billion in potential revenue.

Looking ahead, Novanta projects Q4 2024 revenue to be between $237 million and $242 million, with organic growth estimated at 2% to 4%. Full-year 2024 GAAP revenue is expected to be between $948 million and $953 million, an 8% increase year-over-year. The company also forecasts strong double-digit growth in the second half of 2025, driven by new product launches and improving market conditions. Adjusted EBITDA for Q4 is estimated to be between $50 million and $52 million, contributing to a full-year estimate of $208 million to $210 million. These are recent developments that investors should consider.

InvestingPro Insights

Following CEO Matthijs Glastra's recent sale of Novanta Inc. (NASDAQ:NOVT) shares, investors may benefit from additional context provided by InvestingPro data and tips.

Novanta's market capitalization stands at $6.12 billion, with a price-to-earnings ratio of 102.33, indicating a premium valuation. This aligns with an InvestingPro Tip that Novanta is "trading at a high earnings multiple." The company's revenue for the last twelve months as of Q3 2023 was $922.75 million, with a modest growth of 3.86%.

Despite the high valuation, Novanta has demonstrated strong performance, with a one-year price total return of 40.88%. This impressive return is reflected in another InvestingPro Tip, which notes that Novanta has shown "strong return over the last five years."

It's worth noting that while the company trades at premium multiples, it maintains a solid financial position. An InvestingPro Tip highlights that "liquid assets exceed short term obligations," suggesting financial stability. Additionally, the company "operates with a moderate level of debt," which may provide flexibility for future growth initiatives.

For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Novanta, providing a deeper understanding of the company's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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