Today, Profit Investment Management LLC Maintains Stake in NuVasive Inc. (NUVA)

Today, Profit Investment Management LLC Maintains Stake in NuVasive Inc. (NUVA)

Profit Investment Management LLC held its stake in shares of NuVasive Inc. (NASDAQ:NUVA) during the third quarter, Holdings Channel reports. The fund owned 34,867 shares of the medical device company’s stock at the end of the third quarter. NuVasive accounts for approximately 2.3% of Profit Investment Management LLC’s holdings, making the stock its 5th largest position. Profit Investment Management LLC’s holdings in NuVasive were worth $2,324,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Eagle Asset Management Inc. raised its stake in shares of NuVasive by 28.0% in the third quarter. Eagle Asset Management Inc. now owns 1,255,781 shares of the medical device company’s stock valued at $83,710,000 after buying an additional 274,587 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of NuVasive by 0.7% in the third quarter. Fisher Asset Management LLC now owns 1,422,585 shares of the medical device company’s stock valued at $94,830,000 after buying an additional 9,724 shares in the last quarter. Foundry Partners LLC raised its stake in shares of NuVasive by 1.7% in the third quarter. Foundry Partners LLC now owns 6,075 shares of the medical device company’s stock valued at $405,000 after buying an additional 100 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of NuVasive by 221.4% in the second quarter. Macquarie Group Ltd. now owns 102,180 shares of the medical device company’s stock valued at $6,102,000 after buying an additional 70,385 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in shares of NuVasive during the second quarter valued at $5,267,000.

NuVasive Inc. (NASDAQ:NUVA) traded up 0.27% during midday trading on Monday, reaching $64.07. The company’s stock had a trading volume of 1,162,180 shares. NuVasive Inc. has a 52-week low of $36.81 and a 52-week high of $69.50. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 80.90 and a beta of 0.98. The firm has a 50-day moving average price of $62.89 and a 200 day moving average price of $61.83.

NuVasive (NASDAQ:NUVA) last posted its quarterly earnings results on Tuesday, October 25th. The medical device company reported $0.40 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.40. NuVasive had a net margin of 4.06% and a return on equity of 10.89%. The firm earned $239.60 million during the quarter, compared to analyst estimates of $243.49 million. During the same quarter in the prior year, the business posted $0.35 earnings per share. The company’s quarterly revenue was up 19.5% compared to the same quarter last year. Equities research analysts predict that NuVasive Inc. will post $1.64 EPS for the current fiscal year.

Several equities analysts have recently commented on NUVA shares. TheStreet lowered NuVasive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 25th. Zacks Investment Research lowered NuVasive from a “buy” rating to a “hold” rating in a report on Tuesday, October 25th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $70.00 target price on shares of NuVasive in a report on Thursday, September 1st. Jefferies Group reaffirmed a “buy” rating and set a $72.00 target price on shares of NuVasive in a report on Wednesday, October 26th. Finally, Barclays PLC upped their target price on NuVasive from $71.00 to $74.00 and gave the company an “overweight” rating in a report on Monday, October 10th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $66.36.

In other NuVasive news, Director Michael D. Ohalleran purchased 4,205 shares of the company’s stock in a transaction that occurred on Monday, October 31st. The stock was purchased at an average price of $59.47 per share, with a total value of $250,071.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael D. Ohalleran purchased 4,200 shares of the company’s stock in a transaction that occurred on Friday, November 4th. The stock was acquired at an average cost of $58.26 per share, with a total value of $244,692.00. The disclosure for this purchase can be found here. 4.70% of the stock is currently owned by corporate insiders.

NuVasive Company Profile

Nuvasive, Inc is a medical device company in the spine market. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine. The Company offers two product lines: spine surgery products and biologics. The Company’s spine surgery products line offerings include thoracolumbar product offerings, cervical product offerings, Intra-Operative Monitoring (IOM) services and disposables, which are used to enable access to the spine and to perform restorative and fusion procedures in a minimally disruptive fashion.

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