NuVasive, Inc. (NUVA) Receives Outperform Rating from Wells Fargo & Company
NuVasive, Inc. (NASDAQ:NUVA)‘s stock had its “outperform” rating restated by research analysts at Wells Fargo & Company in a note issued to investors on Wednesday, The Fly reports. They currently have a $65.00 price target on the medical device company’s stock, down from their prior price target of $81.00. Wells Fargo & Company’s price objective indicates a potential upside of 19.07% from the company’s previous close.
Other analysts have also recently issued research reports about the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $84.00 price target on shares of NuVasive in a research report on Friday, June 30th. Canaccord Genuity reaffirmed a “buy” rating and set a $75.00 price target on shares of NuVasive in a research report on Wednesday. J P Morgan Chase & Co set a $78.00 price target on NuVasive and gave the stock a “buy” rating in a research report on Wednesday. Zacks Investment Research upgraded NuVasive from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Robert W. Baird lowered NuVasive from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $79.00 to $72.00 in a research note on Friday, July 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. NuVasive presently has an average rating of “Buy” and an average price target of $73.87.
Shares of NuVasive (NUVA) opened at 54.59 on Wednesday. The stock has a market cap of $2.77 billion, a PE ratio of 85.97 and a beta of 1.03. The company’s 50-day moving average price is $55.77 and its 200-day moving average price is $68.32. NuVasive has a 52-week low of $49.25 and a 52-week high of $81.68.
NuVasive (NASDAQ:NUVA) last issued its quarterly earnings results on Tuesday, October 24th. The medical device company reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.04. NuVasive had a return on equity of 13.04% and a net margin of 3.50%. The company had revenue of $247.40 million during the quarter, compared to analysts’ expectations of $255.70 million. During the same quarter in the previous year, the firm posted $0.40 EPS. The firm’s revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts forecast that NuVasive will post $1.99 earnings per share for the current fiscal year.
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In other NuVasive news, EVP Peter Michael Leddy purchased 7,850 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average price of $63.88 per share, for a total transaction of $501,458.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gregory T. Lucier purchased 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was acquired at an average price of $61.52 per share, with a total value of $123,040.00. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 14,850 shares of company stock valued at $955,598. 1.20% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Koch Industries Inc. increased its stake in NuVasive by 26,406.7% during the 2nd quarter. Koch Industries Inc. now owns 982,337 shares of the medical device company’s stock worth $970,000 after buying an additional 978,631 shares in the last quarter. Voya Investment Management LLC increased its stake in NuVasive by 43.7% during the 2nd quarter. Voya Investment Management LLC now owns 1,699,964 shares of the medical device company’s stock worth $130,761,000 after buying an additional 517,115 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in NuVasive by 118.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 546,740 shares of the medical device company’s stock worth $42,055,000 after buying an additional 296,715 shares in the last quarter. Wellington Management Group LLP purchased a new stake in NuVasive during the 1st quarter worth approximately $20,724,000. Finally, Renaissance Technologies LLC increased its stake in NuVasive by 450.6% during the 2nd quarter. Renaissance Technologies LLC now owns 314,888 shares of the medical device company’s stock worth $24,221,000 after buying an additional 257,700 shares in the last quarter.
NuVasive Company Profile
Nuvasive, Inc is a medical device company. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine surgery. Its product portfolio focuses on applications for spine fusion surgery, including biologics used to aid in the spinal fusion process.
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