Envista (NYSE:NVST) Shares Gap Up After Earnings Beat

Envista Holdings Co. (NYSE:NVST - Get Free Report)'s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. 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 traded.

The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.09 by $0.03. The firm had revenue of $601.00 million for the quarter, compared to analysts' expectations of $590.34 million. Envista had a negative net margin of 52.25% and a positive return on equity of 4.86%. Envista's quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter last year, the company earned $0.43 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NVST. Stifel Nicolaus upped their price objective on Envista from $18.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Piper Sandler raised their price objective on shares of Envista from $16.00 to $17.00 and gave the company a "neutral" rating in a research report on Thursday. Wells Fargo & Company initiated coverage on shares of Envista in a research note on Tuesday, October 8th. They issued an "equal weight" rating and a $20.00 price objective on the stock. Bank of America cut their target price on shares of Envista from $22.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, August 8th. Finally, Robert W. Baird upped their price target on Envista from $17.00 to $22.00 and gave the company a "neutral" rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Envista has a consensus rating of "Hold" and a consensus target price of $20.71.

Insiders Place Their Bets

In related news, CFO Eric D. Hammes purchased 24,532 shares of Envista stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $16.33 per share, with a total value of $400,607.56. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Envista

A number of hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. raised its position in Envista by 138.5% during the third quarter. Harbor Capital Advisors Inc. now owns 404,589 shares of the company's stock valued at $7,995,000 after acquiring an additional 234,941 shares in the last quarter. US Bancorp DE raised its holdings in shares of Envista by 150.6% during the 3rd quarter. US Bancorp DE now owns 4,971 shares of the company's stock valued at $98,000 after purchasing an additional 2,987 shares in the last quarter. Hedges Asset Management LLC lifted its stake in shares of Envista by 46.3% in the 3rd quarter. Hedges Asset Management LLC now owns 46,800 shares of the company's stock valued at $925,000 after purchasing an additional 14,800 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in Envista by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 19,887 shares of the company's stock worth $392,000 after purchasing an additional 1,355 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Envista by 11.2% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,314 shares of the company's stock valued at $303,000 after buying an additional 1,538 shares in the last quarter.

Envista Stock Up 9.0 %

The company has a quick ratio of 1.90, a current ratio of 2.22 and a debt-to-equity ratio of 0.47. The company has a market cap of $3.61 billion, a price-to-earnings ratio of -2.76 and a beta of 1.32. The business has a 50-day simple moving average of $18.54 and a two-hundred day simple moving average of $18.04.

About Envista

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.