NuVasive (NASDAQ:NUVA) PT Lowered to $60.00 at JPMorgan Chase & Co.

NuVasive (NASDAQ:NUVA) had its price objective reduced by JPMorgan Chase & Co. from $70.00 to $60.00 in a note issued to investors on Thursday, The Fly reports. The brokerage currently has a “neutral” rating on the medical device company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 6.44% from the stock’s previous close.

Separately, Needham & Company LLC restated a “buy” rating on shares of NuVasive in a research note on Thursday, July 29th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $67.00.

NUVA stock opened at $56.37 on Thursday. The stock has a 50-day moving average price of $59.66 and a 200-day moving average price of $64.58. NuVasive has a 1-year low of $43.11 and a 1-year high of $72.61. The company has a current ratio of 3.95, a quick ratio of 2.30 and a debt-to-equity ratio of 1.05. The firm has a market cap of $2.91 billion, a PE ratio of 2,819.91, a price-to-earnings-growth ratio of 3.08 and a beta of 1.32.

NuVasive (NASDAQ:NUVA) last posted its quarterly earnings data on Wednesday, July 28th. The medical device company reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.17. NuVasive had a return on equity of 12.47% and a net margin of 0.16%. The firm had revenue of $294.83 million during the quarter, compared to analyst estimates of $286.17 million. On average, analysts forecast that NuVasive will post 2.31 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its stake in NuVasive by 11.5% during the 1st quarter. Principal Financial Group Inc. now owns 296,691 shares of the medical device company’s stock valued at $19,451,000 after purchasing an additional 30,711 shares during the last quarter. Kennedy Capital Management Inc. boosted its stake in shares of NuVasive by 4.0% in the 1st quarter. Kennedy Capital Management Inc. now owns 175,966 shares of the medical device company’s stock worth $11,536,000 after buying an additional 6,724 shares during the last quarter. Glenmede Trust Co. NA boosted its stake in shares of NuVasive by 13.3% in the 1st quarter. Glenmede Trust Co. NA now owns 250,608 shares of the medical device company’s stock worth $16,429,000 after buying an additional 29,426 shares during the last quarter. Trexquant Investment LP purchased a new position in shares of NuVasive in the 1st quarter worth approximately $366,000. Finally, Centiva Capital LP purchased a new position in shares of NuVasive in the 1st quarter worth approximately $587,000.

NuVasive Company Profile

NuVasive, Inc engages in the development, manufacture, sale, and provision of procedural solutions for spine surgery. It offers a comprehensive portfolio of procedurally integrated spine surgery solutions, including surgical access instruments, spinal implants, fixation systems, biologics, and enabling technologies, as well as systems and services for intraoperative neuromonitoring.

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