Piper Jaffray Companies reaffirmed their buy rating on shares of NuVasive (NASDAQ:NUVA) in a research note released on Tuesday morning. Piper Jaffray Companies currently has a $90.00 target price on the medical device company’s stock.
NUVA has been the subject of several other reports. Royal Bank of Canada restated a buy rating and set a $75.00 price objective on shares of NuVasive in a research report on Tuesday, October 10th. Barclays cut their price objective on shares of NuVasive from $80.00 to $65.00 and set an overweight rating for the company in a research report on Thursday, October 19th. Wells Fargo & Co restated an outperform rating and set a $65.00 price objective (down from $81.00) on shares of NuVasive in a research report on Wednesday, October 25th. BTIG Research restated a buy rating and set a $74.00 price objective (down from $82.00) on shares of NuVasive in a research report on Wednesday, October 4th. Finally, TheStreet cut shares of NuVasive from a b- rating to a c+ rating in a research report on Friday, October 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company. NuVasive presently has a consensus rating of Buy and a consensus price target of $72.33.
NuVasive (NASDAQ NUVA) traded up $0.84 during trading hours on Tuesday, hitting $53.33. 1,564,831 shares of the stock traded hands, compared to its average volume of 847,506. The company has a current ratio of 2.85, a quick ratio of 1.51 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $2,675.31, a P/E ratio of 44.82, a P/E/G ratio of 1.40 and a beta of 0.77. NuVasive has a 12-month low of $49.25 and a 12-month 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 (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.04. NuVasive had a net margin of 6.36% and a return on equity of 13.65%. The firm had revenue of $247.40 million during the quarter, compared to analysts’ expectations of $255.70 million. During the same period last year, the business earned $0.40 earnings per share. NuVasive’s revenue was up 3.3% compared to the same quarter last year. analysts expect that NuVasive will post 1.91 earnings per share for the current year.
NuVasive announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 24th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the medical device company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of NuVasive by 1.3% during the second quarter. Vanguard Group Inc. now owns 4,164,226 shares of the medical device company’s stock valued at $320,312,000 after acquiring an additional 53,769 shares during the last quarter. Icon Advisers Inc. Co. acquired a new stake in shares of NuVasive during the third quarter valued at about $360,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of NuVasive during the second quarter valued at about $501,000. Sector Gamma AS acquired a new position in shares of NuVasive in the third quarter valued at approximately $10,149,000. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of NuVasive by 68.3% in the second quarter. Public Employees Retirement System of Ohio now owns 115,372 shares of the medical device company’s stock valued at $8,874,000 after purchasing an additional 46,805 shares in the last quarter.
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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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