NuVasive’s (NUVA) “Equal Weight” Rating Reaffirmed at Morgan Stanley
NuVasive, Inc. (NASDAQ:NUVA)‘s stock had its “equal weight” rating reissued by analysts at Morgan Stanley in a research note issued on Friday. They presently have a $70.00 target price on the medical device company’s stock, down from their prior target price of $81.00. Morgan Stanley’s price target points to a potential upside of 22.89% from the company’s current price.
Several other research firms have also commented on NUVA. Royal Bank Of Canada reaffirmed a “buy” rating and set a $85.00 price target on shares of NuVasive in a research report on Thursday, July 20th. BidaskClub raised shares of NuVasive from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Piper Jaffray Companies lifted their price target on shares of NuVasive from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, June 12th. 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. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of NuVasive in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $77.92.
NuVasive (NASDAQ:NUVA) traded up 0.87% during midday trading on Friday, hitting $56.95. The company had a trading volume of 1,303,562 shares. NuVasive has a 1-year low of $52.85 and a 1-year high of $81.68. The firm has a market capitalization of $2.89 billion, a P/E ratio of 89.69 and a beta of 1.03. The company has a 50 day moving average price of $59.06 and a 200 day moving average price of $70.34.
NuVasive (NASDAQ:NUVA) last released its quarterly earnings results on Thursday, July 27th. The medical device company reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.02. The firm had revenue of $260.60 million for the quarter, compared to analyst estimates of $261.95 million. NuVasive had a net margin of 3.50% and a return on equity of 13.04%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.40 EPS. Equities research analysts forecast that NuVasive will post $2.00 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 company’s stock in a transaction on Tuesday, August 1st. The stock was acquired at an average price of $63.88 per share, for a total transaction of $501,458.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory T. Lucier purchased 2,000 shares of the company’s stock in a transaction 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 acquired 14,850 shares of company stock valued at $955,598. Insiders own 1.20% of the company’s stock.
Several large investors have recently bought and sold shares of NUVA. Koch Industries Inc. grew its stake in shares of NuVasive by 26,406.7% in the second quarter. Koch Industries Inc. now owns 982,337 shares of the medical device company’s stock worth $970,000 after acquiring an additional 978,631 shares in the last quarter. Voya Investment Management LLC grew its stake in shares of NuVasive by 43.7% in the second quarter. Voya Investment Management LLC now owns 1,699,964 shares of the medical device company’s stock worth $130,761,000 after acquiring an additional 517,115 shares in the last quarter. TIAA CREF Investment Management LLC grew its stake in shares of NuVasive by 118.7% in the second quarter. TIAA CREF Investment Management LLC now owns 546,740 shares of the medical device company’s stock worth $42,055,000 after acquiring an additional 296,715 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of NuVasive in the first quarter worth $20,724,000. Finally, Renaissance Technologies LLC grew its stake in shares of NuVasive by 450.6% in the second quarter. Renaissance Technologies LLC now owns 314,888 shares of the medical device company’s stock worth $24,221,000 after acquiring 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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