The Barclays PLC Boosts NuVasive Inc. (NUVA) Price Target to $74.00

The Barclays PLC Boosts NuVasive Inc. (NUVA) Price Target to $74.00

NuVasive Inc. (NASDAQ:NUVA) had its target price raised by Barclays PLC from $71.00 to $74.00 in a report released on Monday morning. They currently have an overweight rating on the medical device company’s stock.

A number of other brokerages have also recently issued reports on NUVA. Piper Jaffray Cos. reaffirmed an overweight rating and set a $70.00 price objective on shares of NuVasive in a research note on Thursday, September 1st. Jefferies Group reissued a buy rating on shares of NuVasive in a research note on Wednesday, August 3rd. Zacks Investment Research cut NuVasive from a strong-buy rating to a hold rating in a research note on Wednesday, July 27th. Brean Capital raised their target price on NuVasive from $60.00 to $70.00 and gave the stock a buy rating in a research note on Wednesday, July 27th. Finally, JPMorgan Chase & Co. raised NuVasive from a neutral rating to an overweight rating and raised their target price for the stock from $55.00 to $74.00 in a research note on Wednesday, July 13th. Three analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $66.36.

Shares of NuVasive (NASDAQ:NUVA) opened at 66.06 on Monday. The firm’s 50-day moving average price is $66.17 and its 200-day moving average price is $59.02. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 68.53 and a beta of 0.51. NuVasive has a one year low of $36.81 and a one year high of $69.50.

NuVasive (NASDAQ:NUVA) last announced its quarterly earnings data on Tuesday, July 26th. The medical device company reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.04. NuVasive had a return on equity of 10.57% and a net margin of 5.28%. The firm had revenue of $236.50 million for the quarter, compared to analysts’ expectations of $232.86 million. During the same period last year, the firm earned $0.31 earnings per share. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. Analysts anticipate that NuVasive will post $1.65 earnings per share for the current year.

In related news, EVP Jason Hannon sold 2,625 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $64.80, for a total transaction of $170,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lesley H. Howe sold 3,602 shares of the firm’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $62.44, for a total transaction of $224,908.88. The disclosure for this sale can be found here. Insiders own 4.70% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. increased its stake in shares of NuVasive by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,884 shares of the medical device company’s stock valued at $113,000 after buying an additional 820 shares during the period. Fortaleza Asset Management Inc. purchased a new stake in shares of NuVasive during the second quarter valued at $115,000. Seven Eight Capital LLC purchased a new stake in shares of NuVasive during the first quarter valued at $117,000. LS Investment Advisors LLC increased its stake in shares of NuVasive by 7.8% in the second quarter. LS Investment Advisors LLC now owns 2,097 shares of the medical device company’s stock valued at $125,000 after buying an additional 151 shares during the period. Finally, Smith Asset Management Group LP increased its stake in shares of NuVasive by 7,796.8% in the second quarter. Smith Asset Management Group LP now owns 2,448 shares of the medical device company’s stock valued at $146,000 after buying an additional 2,417 shares during the period.

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