Nevro Corp (NVRO) Raised to Buy at Zacks Investment Research
Nevro Corp (NASDAQ:NVRO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $110.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 12.08% from the stock’s current price.
According to Zacks, “Nevro Corp. is a medical device company. It engages in developing and commercializing a neuromodulation platform for the treatment of chronic pain. The Company provides pain relief to the customers suffering from low back pain and types of chronic pains. Nevro has developed and commercialized the Senza (R) spinal cord stimulation (SCS) system for the treatment of chronic pain. Senza, HF10, Nevro and the Nevro logo are trademarks of the company. Nevro Corp. is headquartered in Menlo Park, California. “
NVRO has been the subject of a number of other research reports. Morgan Stanley reiterated a “buy” rating and set a $86.00 price target on shares of Nevro Corp in a research report on Wednesday, June 29th. Wells Fargo & Co. started coverage on Nevro Corp in a research report on Tuesday, July 12th. They set an “outperform” rating for the company. William Blair started coverage on Nevro Corp in a research report on Tuesday, July 19th. They set an “outperform” rating for the company. JMP Securities lifted their price target on Nevro Corp from $90.00 to $110.00 and gave the company a “market outperform” rating in a research report on Tuesday, August 9th. Finally, Piper Jaffray Cos. started coverage on Nevro Corp in a research report on Friday, July 22nd. They set an “overweight” rating and a $98.00 price target for the company. Eleven investment analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and an average target price of $104.00.
Nevro Corp (NASDAQ:NVRO) opened at 98.14 on Wednesday. The firm’s 50 day moving average price is $97.70 and its 200-day moving average price is $78.01. Nevro Corp has a 12-month low of $36.51 and a 12-month high of $106.93. The company’s market capitalization is $2.80 billion.
Nevro Corp (NASDAQ:NVRO) last issued its quarterly earnings results on Monday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.47) by $0.16. The business had revenue of $55.40 million for the quarter, compared to the consensus estimate of $45.11 million. The company’s revenue was up 385.5% on a year-over-year basis. On average, equities analysts anticipate that Nevro Corp will post ($1.42) earnings per share for the current fiscal year.
In related news, VP Doug Alleavitch sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $100.00, for a total value of $300,000.00. Following the completion of the sale, the vice president now owns 5,961 shares in the company, valued at approximately $596,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Enxing sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $82.06, for a total value of $123,090.00. Following the completion of the sale, the vice president now owns 39,463 shares of the company’s stock, valued at approximately $3,238,333.78. The disclosure for this sale can be found here.
Hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. increased its stake in Nevro Corp by 40.0% in the second quarter. Sei Investments Co. now owns 1,620 shares of the company’s stock worth $119,000 after buying an additional 463 shares during the last quarter. Fortaleza Asset Management Inc. purchased a new stake in Nevro Corp during the second quarter worth $125,000. BlackRock Inc. increased its stake in Nevro Corp by 130.1% in the second quarter. BlackRock Inc. now owns 2,487 shares of the company’s stock worth $183,000 after buying an additional 1,406 shares during the last quarter. Numeric Investors LLC purchased a new stake in Nevro Corp during the second quarter worth $207,000. Finally, ProShare Advisors LLC purchased a new stake in Nevro Corp during the second quarter worth $217,000.
Nevro Corp Company Profile
Nevro Corp. is a medical device company. The Company has developed and commercialized a neuromodulation platform for the treatment of chronic pain. The Company’s Senza system is a spinal cord stimulation (SCS) system that delivers its HF10 therapy. HF10 therapy is designed to deliver neuromodulation solutions for treating chronic pain.
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