Envista (NYSE:NVST) Shares Gap Up on Strong Earnings

Envista Holdings Co. (NYSE:NVST)’s stock price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $19.23, but opened at $22.00. Envista shares last traded at $22.09, with a volume of 1,130,707 shares.

The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. The company had revenue of $601.00 million for the quarter, compared to analyst estimates of $590.34 million. Envista had a positive return on equity of 4.86% and a negative net margin of 52.25%. The firm’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.43 earnings per share.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NVST. Needham & Company LLC reiterated a “hold” rating on shares of Envista in a research note on Thursday. Robert W. Baird raised their price objective on Envista from $17.00 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday. Leerink Partners upgraded Envista from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $16.00 to $23.00 in a research note on Thursday. Piper Sandler cut their price objective on Envista from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Tuesday, July 30th. Finally, Wells Fargo & Company assumed coverage on Envista in a research report on Tuesday, October 8th. They issued an “equal weight” rating and a $20.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.63.

Insider Activity at Envista

In other Envista news, CFO Eric D. Hammes bought 24,532 shares of the stock in a transaction on Monday, August 12th. The shares were acquired at an average price of $16.33 per share, with a total value of $400,607.56. Following the acquisition, the chief financial officer now directly owns 24,532 shares of the company’s stock, valued at $400,607.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Envista during the third quarter worth about $31,000. GAMMA Investing LLC grew its position in shares of Envista by 69.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,766 shares of the company’s stock valued at $35,000 after acquiring an additional 726 shares during the period. Blue Trust Inc. grew its position in shares of Envista by 69.7% during the 3rd quarter. Blue Trust Inc. now owns 1,957 shares of the company’s stock valued at $39,000 after acquiring an additional 804 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Envista by 50.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,161 shares of the company’s stock valued at $43,000 after acquiring an additional 728 shares during the period. Finally, Versant Capital Management Inc grew its position in shares of Envista by 1,420.3% during the 2nd quarter. Versant Capital Management Inc now owns 3,147 shares of the company’s stock valued at $52,000 after acquiring an additional 2,940 shares during the period.

Envista Stock Performance

The business’s 50-day moving average price is $18.54 and its 200-day moving average price is $18.04. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.90 and a current ratio of 2.22. The stock has a market cap of $3.70 billion, a P/E ratio of -2.86 and a beta of 1.32.

Envista Company Profile

Envista Holdings Corporation, together with its subsidiaries, develops, manufactures, markets, and sells dental products in the United States, China, and internationally. The company operates in two segments, Specialty Products & Technologies, and Equipment & Consumables. The Specialty Products & Technologies segment offers dental implant systems, guided surgery systems, biomaterials, and prefabricated and custom-built prosthetics to oral surgeons, prosthodontists and periodontists, and general dentist; and brackets and wires, tubes and bands, archwires, clear aligners, digital orthodontic treatments, retainers, and other orthodontic laboratory products.