Zacks Investment Research Upgrades NuVasive (NASDAQ:NUVA) to Buy
Zacks Investment Research upgraded shares of NuVasive (NASDAQ:NUVA) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $59.00 target price on the medical device company’s stock.
According to Zacks, “NuVasive witnessed balanced revenue growth across all of its key operating segments. Robust sales in the international markets buoy optimism. We are also upbeat about the company having witnessed sturdy demand across an array of recent products launches within the U.S. Spinal Hardware business viz. the TLX 20 Degree expandable cage. On the flip side, the Biologics business performance was disappointing. Headwinds like pricing pressure, reimbursement issues and a competitive landscape are major downsides for NuVasive. In the past six months, NuVasive has outperformed its industry. “
A number of other research analysts have also weighed in on the company. ValuEngine lowered USD Partners from a hold rating to a sell rating in a research report on Friday, June 14th. BidaskClub downgraded shares of Vertex Pharmaceuticals from a buy rating to a hold rating in a report on Tuesday, July 9th. Cantor Fitzgerald reaffirmed a buy rating and issued a $25.00 price target on shares of Menlo Therapeutics in a report on Thursday, May 2nd. Finally, BTIG Research downgraded shares of EVO Payments from a buy rating to a neutral rating in a report on Monday, July 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $66.79.
NuVasive (NASDAQ:NUVA) last issued its quarterly earnings data on Wednesday, May 1st. The medical device company reported $0.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.12. The firm had revenue of $274.78 million during the quarter, compared to analyst estimates of $269.22 million. NuVasive had a return on equity of 15.16% and a net margin of 4.39%. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 earnings per share. Sell-side analysts forecast that NuVasive will post 2.28 earnings per share for the current fiscal year.
In other NuVasive news, President Matthew Link sold 10,100 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $62.00, for a total value of $626,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.97% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Royce & Associates LP bought a new stake in NuVasive in the fourth quarter worth about $25,000. Bessemer Group Inc. bought a new stake in NuVasive in the fourth quarter worth about $50,000. Knott David M bought a new stake in NuVasive in the first quarter worth about $114,000. Rockefeller Capital Management L.P. lifted its stake in NuVasive by 251.2% in the first quarter. Rockefeller Capital Management L.P. now owns 2,002 shares of the medical device company’s stock worth $114,000 after purchasing an additional 1,432 shares during the last quarter. Finally, Zions Bancorporation N.A. bought a new stake in NuVasive in the first quarter worth about $175,000.
NuVasive Company Profile
NuVasive, Inc, a medical device company, develops and markets minimally disruptive surgical products and procedurally integrated solutions for spine surgery. Its products focus on applications for spine fusion surgery, including ancillary products and services used to aid in the surgical procedure. The company's principal products include Maximum Access Surgery, a minimally disruptive surgical platform, which includes its software-driven nerve detection and avoidance systems, and intraoperative monitoring (IOM) services and support; MaXcess, an integrated split-blade retractor system; and various specialized implants and biologics.
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