NuVasive Inc. (NUVA) Upgraded to Strong-Buy at Zacks Investment Research
NuVasive Inc. (NASDAQ:NUVA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday. The brokerage presently has a $70.00 price target on the medical device company’s stock. Zacks Investment Research’s target price would suggest a potential upside of 5.96% from the stock’s previous close.
According to Zacks, “NuVasive performed well in the second quarter of 2016 with earnings and revenues steering past the Zacks Consensus Estimate. Strong core international business along with solid contribution from NSO acquisition contributed to the growth. NuVasive, at present, is rapidly developing technologies and services for spine surgery, expanding its global footprint. To this end, the company recently acquired privately held Ellipse Technologies that works on the transformation of procedural solutions for complex skeletal deformity. Besides, its latest acquisition of Biotronic NeuroNetwork should strengthen its foothold in the growing spine procedure solutions space. Besides, the company’s acquisition of Brazilian distributor Mega Surgical will also contribute to its growth in 2016 and beyond. However, pricing and margin pressures, reimbursement issues and competitive landscape are major downsides.”
A number of other equities research analysts also recently commented on NUVA. Piper Jaffray Cos. reissued a “buy” rating and issued a $58.00 target price (up previously from $50.00) on shares of NuVasive in a report on Wednesday, April 27th. Cowen and Company reissued a “buy” rating and issued a $63.00 target price (up previously from $52.00) on shares of NuVasive in a report on Wednesday, April 27th. Canaccord Genuity reissued a “buy” rating on shares of NuVasive in a report on Wednesday, April 27th. Brean Capital raised their target price on NuVasive from $60.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, July 27th. Finally, Leerink Swann reissued a “buy” rating on shares of NuVasive in a report on Wednesday, April 27th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $65.31.
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Shares of NuVasive (NASDAQ:NUVA) traded down 0.42% during midday trading on Thursday, hitting $66.06. 479,734 shares of the company were exchanged. The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of 68.53 and a beta of 0.86. NuVasive has a 52-week low of $36.81 and a 52-week high of $68.55. The company has a 50-day moving average price of $63.84 and a 200-day moving average price of $55.92.
NuVasive (NASDAQ:NUVA) last posted its quarterly earnings data on Tuesday, July 26th. The medical device company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04. NuVasive had a net margin of 5.28% and a return on equity of 10.57%. The firm had revenue of $236.50 million for the quarter, compared to analyst estimates of $232.86 million. During the same period last year, the firm posted $0.31 EPS. NuVasive’s quarterly revenue was up 16.4% on a year-over-year basis. On average, analysts forecast that NuVasive will post $1.65 EPS for the current year.
In other NuVasive news, EVP Jason Hannon sold 11,184 shares of NuVasive stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $62.70, for a total value of $701,236.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lesley H. Howe sold 3,602 shares of NuVasive stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $62.44, for a total value of $224,908.88. The disclosure for this sale can be found here. 4.70% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Louisiana State Employees Retirement System boosted its stake in NuVasive by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 22,100 shares of the medical device company’s stock valued at $1,320,000 after buying an additional 100 shares during the period. LS Investment Advisors LLC boosted its stake in shares of 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 during the last quarter. American International Group Inc. boosted its stake in shares of NuVasive by 0.5% in the second quarter. American International Group Inc. now owns 36,927 shares of the medical device company’s stock worth $2,205,000 after buying an additional 179 shares during the last quarter. PineBridge Investments L.P. boosted its stake in shares of NuVasive by 4.1% in the second quarter. PineBridge Investments L.P. now owns 6,320 shares of the medical device company’s stock worth $378,000 after buying an additional 249 shares during the last quarter. Finally, Comerica Bank boosted its stake in shares of NuVasive by 0.6% in the fourth quarter. Comerica Bank now owns 54,277 shares of the medical device company’s stock worth $2,851,000 after buying an additional 331 shares during the last quarter.
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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