NuVasive Inc. (NUVA) Reaches New 1-Year High on Analyst Upgrade
NuVasive Inc. (NASDAQ:NUVA) reached a new 52-week high during trading on Monday after Barclays PLC raised their price target on the stock from $71.00 to $74.00. Barclays PLC currently has an overweight rating on the stock. NuVasive traded as high as $69.50 and last traded at $68.36, with a volume of 450,904 shares. The stock had previously closed at $67.21.
Several other research firms have also recently issued reports on NUVA. Jefferies Group increased their price objective on NuVasive from $63.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, July 27th. JPMorgan Chase & Co. upgraded NuVasive from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $55.00 to $74.00 in a research report on Wednesday, July 13th. TheStreet upgraded NuVasive from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 26th. Zacks Investment Research upgraded NuVasive from a “hold” rating to a “strong-buy” rating and set a $70.00 price objective for the company in a research report on Thursday, July 28th. Finally, Piper Jaffray Cos. reiterated an “overweight” rating and issued a $70.00 price objective on shares of NuVasive in a research report on Thursday, September 1st. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. NuVasive presently has a consensus rating of “Buy” and a consensus target price of $66.36.
In other NuVasive news, EVP Jason Hannon sold 11,184 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $62.70, for a total value of $701,236.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lesley H. Howe sold 3,602 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $62.44, for a total value of $224,908.88. The disclosure for this sale can be found here. 4.70% of the stock is owned by company insiders.
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Hedge funds have recently modified their holdings of the company. Glenmede Trust Co. NA increased its position in NuVasive by 109.6% in the first quarter. Glenmede Trust Co. NA now owns 19,047 shares of the medical device company’s stock worth $925,000 after buying an additional 9,958 shares during the period. Aperio Group LLC increased its position in NuVasive by 11.1% in the first quarter. Aperio Group LLC now owns 7,541 shares of the medical device company’s stock worth $367,000 after buying an additional 753 shares during the period. Virginia Retirement System purchased a new position in NuVasive during the first quarter worth approximately $939,000. Teachers Advisors Inc. increased its position in NuVasive by 8.6% in the first quarter. Teachers Advisors Inc. now owns 350,853 shares of the medical device company’s stock worth $17,069,000 after buying an additional 27,809 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its position in NuVasive by 1.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,292,238 shares of the medical device company’s stock worth $62,867,000 after buying an additional 13,323 shares during the period.
The stock has a market cap of $3.44 billion, a P/E ratio of 71.05 and a beta of 0.51. The company has a 50-day moving average price of $65.88 and a 200-day moving average price of $58.58.
NuVasive (NASDAQ:NUVA) last posted its quarterly earnings data on Tuesday, July 26th. The medical device company reported $0.40 EPS for the quarter, topping the Zacks’ 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 company had revenue of $236.50 million for the quarter, compared to the consensus estimate of $232.86 million. During the same quarter in the previous year, the business earned $0.31 EPS. The company’s quarterly revenue was up 16.4% compared to the same quarter last year. Analysts anticipate that NuVasive Inc. will post $1.65 earnings per share for the current year.
NuVasive Company Profile
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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