Piper Jaffray Companies Reiterates “Overweight” Rating for NuVasive, Inc. (NASDAQ:NUVA)

NuVasive, Inc. (NASDAQ:NUVA)‘s stock had its “overweight” rating restated by stock analysts at Piper Jaffray Companies in a research note issued to investors on Wednesday. They presently have a $90.00 target price on the medical device company’s stock. Piper Jaffray Companies’ price objective points to a potential upside of 41.46% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Barclays PLC reaffirmed a “buy” rating and set a $80.00 price target on shares of NuVasive in a research note on Wednesday, August 2nd. Gabelli reaffirmed a “buy” rating on shares of NuVasive in a research note on Monday, July 31st. BidaskClub cut shares of NuVasive from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Zacks Investment Research cut shares of NuVasive from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Cowen and Company reaffirmed an “outperform” rating and set a $83.00 price target (down from $90.00) on shares of NuVasive in a research note on Sunday, July 30th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $81.18.

Shares of NuVasive (NASDAQ NUVA) traded down 0.31% during trading on Wednesday, reaching $63.60. 779,778 shares of the company’s stock were exchanged. The stock has a 50 day moving average price of $75.62 and a 200-day moving average price of $74.21. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 100.16 and a beta of 1.06. NuVasive has a 52 week low of $56.70 and a 52 week high of $81.68.

NuVasive (NASDAQ:NUVA) last released its quarterly earnings results on Thursday, July 27th. The medical device company reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.02. NuVasive had a net margin of 3.50% and a return on equity of 13.04%. The company had revenue of $260.60 million for the quarter, compared to analysts’ expectations of $261.95 million. During the same period last year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. Analysts predict that NuVasive will post $2.00 earnings per share for the current year.

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In related news, EVP Peter Michael Leddy acquired 7,850 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were acquired at an average cost of $63.88 per share, for a total transaction of $501,458.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in NUVA. Russell Investments Group Ltd. raised its position in NuVasive by 10.0% in the first quarter. Russell Investments Group Ltd. now owns 93,889 shares of the medical device company’s stock valued at $7,012,000 after buying an additional 8,498 shares during the last quarter. Strs Ohio raised its position in NuVasive by 10.8% in the first quarter. Strs Ohio now owns 7,200 shares of the medical device company’s stock valued at $537,000 after buying an additional 700 shares during the last quarter. Profit Investment Management LLC raised its position in NuVasive by 28.3% in the first quarter. Profit Investment Management LLC now owns 44,738 shares of the medical device company’s stock valued at $3,341,000 after buying an additional 9,871 shares during the last quarter. Sawgrass Asset Management LLC acquired a new position in NuVasive during the first quarter valued at approximately $745,000. Finally, Glen Harbor Capital Management LLC raised its position in NuVasive by 18.3% in the first quarter. Glen Harbor Capital Management LLC now owns 2,134 shares of the medical device company’s stock valued at $159,000 after buying an additional 330 shares during the last quarter.

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.

Analyst Recommendations for NuVasive (NASDAQ:NUVA)

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