Barclays PLC Boosts NuVasive Inc. (NUVA) Price Target to $74.00
NuVasive Inc. (NASDAQ:NUVA) had its price target boosted by investment analysts at Barclays PLC from $71.00 to $74.00 in a research note issued on Monday. The firm currently has an “overweight” rating on the medical device company’s stock. Barclays PLC’s price objective would indicate a potential upside of 10.10% from the stock’s current price.
NUVA has been the topic of several other reports. Piper Jaffray Cos. reiterated an “overweight” rating and set a $70.00 target price on shares of NuVasive in a research note on Thursday, September 1st. Jefferies Group increased their target price on NuVasive from $63.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. TheStreet upgraded NuVasive from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 26th. Zacks Investment Research upgraded NuVasive from a “hold” rating to a “strong-buy” rating and set a $70.00 target price on the stock in a research note on Thursday, July 28th. Finally, Brean Capital increased their target price on NuVasive from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $66.36.
Shares of NuVasive (NASDAQ:NUVA) traded up 1.31% during trading on Monday, hitting $68.09. The stock had a trading volume of 455,213 shares. NuVasive has a 1-year low of $36.81 and a 1-year high of $69.50. The stock’s 50-day moving average price is $65.88 and its 200 day moving average price is $58.58. The firm has a market capitalization of $3.42 billion, a P/E ratio of 70.63 and a beta of 0.51.
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NuVasive (NASDAQ:NUVA) last issued its earnings results on Tuesday, July 26th. The medical device company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.36 by $0.04. NuVasive had a return on equity of 10.57% and a net margin of 5.28%. The business had revenue of $236.50 million for the quarter, compared to the consensus estimate of $232.86 million. During the same period last year, the business posted $0.31 EPS. The company’s revenue was up 16.4% compared to the same quarter last year. On average, analysts anticipate that NuVasive will post $1.65 earnings per share for the current year.
In other NuVasive news, Director Lesley H. Howe sold 3,602 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $62.44, for a total value of $224,908.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jason Hannon sold 2,625 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $64.80, for a total value of $170,100.00. The disclosure for this sale can be found here. 4.70% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of NUVA. Victory Capital Management Inc. raised its stake in shares of NuVasive by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,884 shares of the medical device company’s stock worth $113,000 after buying an additional 820 shares during the last quarter. Fortaleza Asset Management Inc. acquired a new stake in shares of NuVasive during the second quarter worth about $115,000. Seven Eight Capital LLC acquired a new stake in shares of NuVasive during the first quarter worth about $117,000. LS Investment Advisors LLC raised its stake in shares of NuVasive by 7.8% in the second quarter. LS Investment Advisors LLC now owns 2,097 shares of the medical device company’s stock worth $125,000 after buying an additional 151 shares during the last quarter. Finally, Smith Asset Management Group LP raised its stake in shares of NuVasive by 7,796.8% in the second quarter. Smith Asset Management Group LP now owns 2,448 shares of the medical device company’s stock worth $146,000 after buying an additional 2,417 shares during the last quarter.
Nuvasive, Inc is a medical device company in the spine market. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine. The Company offers two product lines: spine surgery products and biologics. The Company’s spine surgery products line offerings include thoracolumbar product offerings, cervical product offerings, Intra-Operative Monitoring (IOM) services and disposables, which are used to enable access to the spine and to perform restorative and fusion procedures in a minimally disruptive fashion.
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