Fmr LLC Increases Position in Nevro Corp (NVRO)
Fmr LLC boosted its position in shares of Nevro Corp (NYSE:NVRO) by 48.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 583,000 shares of the medical equipment provider’s stock after buying an additional 191,000 shares during the quarter. Fmr LLC owned 1.94% of Nevro worth $46,553,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in NVRO. Wells Fargo & Company MN boosted its stake in Nevro by 66.0% during the second quarter. Wells Fargo & Company MN now owns 1,366,980 shares of the medical equipment provider’s stock valued at $109,153,000 after buying an additional 543,401 shares in the last quarter. Millennium Management LLC boosted its stake in Nevro by 1,211.2% during the first quarter. Millennium Management LLC now owns 584,529 shares of the medical equipment provider’s stock valued at $50,661,000 after buying an additional 539,948 shares in the last quarter. Jennison Associates LLC boosted its stake in Nevro by 22.3% during the second quarter. Jennison Associates LLC now owns 1,690,765 shares of the medical equipment provider’s stock valued at $135,008,000 after buying an additional 307,980 shares in the last quarter. BlackRock Inc. boosted its stake in Nevro by 9.9% during the second quarter. BlackRock Inc. now owns 2,947,118 shares of the medical equipment provider’s stock valued at $235,328,000 after buying an additional 265,361 shares in the last quarter. Finally, Cortina Asset Management LLC bought a new position in Nevro during the first quarter valued at about $6,558,000.
A number of equities analysts recently weighed in on the company. ValuEngine lowered Nevro from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 14th. Morgan Stanley lowered Nevro from an “overweight” rating to an “equal weight” rating and set a $95.00 price target for the company. in a research report on Monday, July 2nd. Wells Fargo & Co decreased their price target on Nevro from $84.00 to $62.00 and set a “market perform” rating for the company in a research report on Tuesday, July 17th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Nevro in a research report on Wednesday, July 11th. Finally, TheStreet lowered Nevro from a “c-” rating to a “d+” rating in a research report on Wednesday, June 6th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Nevro presently has an average rating of “Hold” and an average target price of $81.89.
Nevro (NYSE:NVRO) last released its quarterly earnings results on Thursday, August 2nd. The medical equipment provider reported ($0.35) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.31) by ($0.04). Nevro had a negative net margin of 10.68% and a negative return on equity of 15.84%. The company had revenue of $96.10 million during the quarter, compared to analyst estimates of $96.10 million. During the same quarter last year, the business earned ($0.40) EPS. The company’s revenue for the quarter was up 23.2% compared to the same quarter last year. research analysts expect that Nevro Corp will post -1.42 EPS for the current fiscal year.
Nevro Corp., a medical device company, provides products for the patients suffering from chronic pain in the United States and internationally. The company develops and commercializes the Senza spinal cord stimulation system, an evidence-based neuromodulation platform for the treatment of chronic pain.
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