NuVasive’s (NUVA) “Buy” Rating Reaffirmed at Piper Jaffray Companies
NuVasive (NASDAQ:NUVA)‘s stock had its “buy” rating reiterated by Piper Jaffray Companies in a note issued to investors on Tuesday. They currently have a $90.00 target price on the medical device company’s stock. Piper Jaffray Companies’ price objective would suggest a potential upside of 71.46% from the stock’s previous close.
Several other analysts have also weighed in on NUVA. Needham & Company LLC raised NuVasive from an “underperform” rating to a “buy” rating and set a $71.00 price objective on the stock in a research note on Thursday, January 4th. TheStreet lowered NuVasive from a “b-” rating to a “c+” rating in a research note on Friday, October 13th. Royal Bank of Canada reiterated a “buy” rating and issued a $75.00 target price on shares of NuVasive in a research report on Tuesday, October 10th. JPMorgan Chase & Co. set a $78.00 target price on NuVasive and gave the company a “buy” rating in a research report on Wednesday, October 25th. Finally, BidaskClub downgraded NuVasive from a “hold” rating to a “sell” rating in a research report on Wednesday, December 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $72.33.
NuVasive (NASDAQ NUVA) traded down $0.12 during trading hours on Tuesday, reaching $52.49. The company had a trading volume of 1,284,950 shares, compared to its average volume of 1,439,881. The firm has a market capitalization of $2,680.00, a price-to-earnings ratio of 44.11, a PEG ratio of 1.63 and a beta of 0.77. The company has a quick ratio of 1.51, a current ratio of 2.85 and a debt-to-equity ratio of 0.76. NuVasive has a fifty-two week low of $49.25 and a fifty-two week high of $81.68.
NuVasive (NASDAQ:NUVA) last released its quarterly earnings data on Tuesday, October 24th. The medical device company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.04. The business had revenue of $247.40 million for the quarter, compared to analyst estimates of $255.70 million. NuVasive had a return on equity of 13.65% and a net margin of 6.36%. NuVasive’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.40 earnings per share. sell-side analysts anticipate that NuVasive will post 1.91 EPS for the current fiscal year.
NuVasive announced that its Board of Directors has authorized a share buyback program on Tuesday, October 24th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the medical device company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
Hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in NuVasive by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,901 shares of the medical device company’s stock worth $146,000 after purchasing an additional 158 shares in the last quarter. Howard Hughes Medical Institute increased its holdings in NuVasive by 82.8% in the second quarter. Howard Hughes Medical Institute now owns 2,066 shares of the medical device company’s stock worth $159,000 after purchasing an additional 936 shares in the last quarter. Zions Bancorporation bought a new stake in NuVasive in the third quarter worth approximately $160,000. Shelton Capital Management bought a new stake in NuVasive in the second quarter worth approximately $221,000. Finally, Verition Fund Management LLC bought a new stake in NuVasive in the second quarter worth approximately $233,000.
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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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