Barclays PLC Raises NuVasive Inc. (NUVA) Price Target to $74.00
NuVasive Inc. (NASDAQ:NUVA) had its price objective upped by equities researchers at Barclays PLC from $71.00 to $74.00 in a research note issued on Monday. The brokerage presently 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 company’s current price.
Several other equities research analysts also recently issued reports on the stock. Piper Jaffray Cos. restated an “overweight” rating and issued a $70.00 price objective on shares of NuVasive in a research note on Thursday, September 1st. Jefferies Group restated a “buy” rating on shares of NuVasive in a research note on Wednesday, August 3rd. Zacks Investment Research upgraded shares of NuVasive from a “hold” rating to a “strong-buy” rating and set a $70.00 price objective on the stock in a research note on Thursday, July 28th. TheStreet upgraded shares of NuVasive from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 26th. Finally, Brean Capital raised their price objective on shares of NuVasive from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. 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 stock. NuVasive currently has an average rating of “Buy” and a consensus price target of $66.36.
NuVasive (NASDAQ:NUVA) traded up 1.21% during mid-day trading on Monday, hitting $68.02. 458,696 shares of the company were exchanged. The company has a market cap of $3.42 billion, a price-to-earnings ratio of 70.56 and a beta of 0.51. The stock’s 50 day moving average is $65.88 and its 200-day moving average is $58.58. NuVasive has a 12-month low of $36.81 and a 12-month high of $69.50.
NuVasive (NASDAQ:NUVA) last announced its quarterly earnings data on Tuesday, July 26th. The medical device company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.04. The business had revenue of $236.50 million for the quarter, compared to the consensus estimate of $232.86 million. NuVasive had a net margin of 5.28% and a return on equity of 10.57%. NuVasive’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the company posted $0.31 earnings per share. Equities research analysts predict that NuVasive will post $1.65 EPS for the current year.
In related news, Director Lesley H. Howe sold 3,602 shares of NuVasive 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jason Hannon sold 2,625 shares of NuVasive stock in a transaction dated Tuesday, August 23rd. The shares were 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.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NUVA. Victory Capital Management Inc. boosted its position in 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 in the last quarter. Fortaleza Asset Management Inc. acquired a new position in NuVasive during the second quarter worth about $115,000. Seven Eight Capital LLC acquired a new position in NuVasive during the first quarter worth about $117,000. LS Investment Advisors LLC boosted its position in 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 in the last quarter. Finally, Smith Asset Management Group LP boosted its position in 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 in the last quarter.
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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