NuVasive Inc. (NASDAQ:NUVA) Given Average Rating of “Buy” by Brokerages
NuVasive Inc. (NASDAQ:NUVA) has earned a consensus recommendation of “Buy” from the fifteen ratings firms that are currently covering the firm. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $65.27.
A number of brokerages have recently issued reports on NUVA. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $70.00 target price on shares of NuVasive in a research report on Thursday, September 1st. Jefferies Group reaffirmed a “buy” rating on shares of NuVasive in a research report on Wednesday, August 3rd. Zacks Investment Research raised NuVasive from a “hold” rating to a “strong-buy” rating and set a $70.00 target price on the stock in a research report on Thursday, July 28th. TheStreet upgraded NuVasive from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 26th. Finally, Barclays PLC lifted their price target on NuVasive from $63.00 to $71.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 27th.
NuVasive (NASDAQ:NUVA) opened at 67.13 on Friday. NuVasive has a 52 week low of $36.81 and a 52 week high of $69.00. The stock has a market capitalization of $3.37 billion, a P/E ratio of 69.64 and a beta of 0.86. The stock’s 50 day moving average price is $65.04 and its 200-day moving average price is $57.58.
NuVasive (NASDAQ:NUVA) last announced its earnings results on Tuesday, July 26th. The medical device company reported $0.40 earnings per share (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 business had revenue of $236.50 million for the quarter, compared to analyst estimates of $232.86 million. During the same period in the previous year, the company earned $0.31 earnings per share. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. Equities research analysts expect that NuVasive will post $1.65 earnings per share for the current year.
In other news, Director Lesley H. Howe sold 3,602 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $62.44, for a total transaction of $224,908.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jason Hannon sold 11,184 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $62.70, for a total value of $701,236.80. The disclosure for this sale can be found here. Insiders own 4.70% of the company’s stock.
Several institutional investors have recently modified their holdings of NUVA. Norges Bank acquired a new position in shares of NuVasive during the fourth quarter valued at about $39,420,000. Glenmede Trust Co. NA increased its position in shares of NuVasive by 109.6% in the first quarter. Glenmede Trust Co. NA now owns 19,047 shares of the medical device company’s stock valued at $925,000 after buying an additional 9,958 shares in the last quarter. Aperio Group LLC increased its position in shares of NuVasive by 11.1% in the first quarter. Aperio Group LLC now owns 7,541 shares of the medical device company’s stock valued at $367,000 after buying an additional 753 shares in the last quarter. Virginia Retirement System acquired a new position in shares of NuVasive during the first quarter valued at about $939,000. Finally, Ramsey Quantitative Systems acquired a new position in shares of NuVasive during the first quarter valued at about $570,000.
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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