NuVasive (NASDAQ:NUVA) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of NuVasive (NASDAQ:NUVA) from a hold rating to a buy rating in a research report report published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $59.00 price target on the medical device company’s stock.

According to Zacks, “NuVasive witnessed balanced revenue growth across all of its key operating segments. Robust sales in the international markets buoy optimism. We are also upbeat about the company having witnessed sturdy demand across an array of recent products launches within the U.S. Spinal Hardware business viz. the TLX 20 Degree expandable cage. On the flip side, the Biologics business performance was disappointing. Headwinds like pricing pressure, reimbursement issues and a competitive landscape are major downsides for NuVasive. In the past six months, NuVasive has outperformed its industry. “

A number of other equities analysts also recently commented on the company. BTIG Research downgraded EVO Payments from a buy rating to a neutral rating in a research note on Monday, July 1st. Cantor Fitzgerald reiterated a buy rating and issued a $25.00 price target on shares of Menlo Therapeutics in a research note on Thursday, May 2nd. ValuEngine downgraded USD Partners from a hold rating to a sell rating in a research note on Friday, June 14th. Finally, BidaskClub downgraded Vertex Pharmaceuticals from a buy rating to a hold rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $66.79.

Shares of NuVasive stock traded up $0.25 during trading hours on Wednesday, hitting $57.15. 231,400 shares of the company’s stock traded hands, compared to its average volume of 599,211. The stock has a 50 day moving average of $58.38. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.96 and a current ratio of 3.75. The stock has a market cap of $2.89 billion, a P/E ratio of 25.63, a PEG ratio of 2.08 and a beta of 1.12. NuVasive has a twelve month low of $43.51 and a twelve month high of $72.41.

NuVasive (NASDAQ:NUVA) last posted its quarterly earnings results on Wednesday, May 1st. The medical device company reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.12. The business had revenue of $274.78 million during the quarter, compared to the consensus estimate of $269.22 million. NuVasive had a return on equity of 15.16% and a net margin of 4.39%. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the firm earned $0.39 earnings per share. As a group, sell-side analysts anticipate that NuVasive will post 2.28 EPS for the current fiscal year.

In other NuVasive news, President Matthew Link sold 10,100 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $62.00, for a total value of $626,200.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.97% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Arizona State Retirement System raised its holdings in shares of NuVasive by 0.5% during the first quarter. Arizona State Retirement System now owns 37,078 shares of the medical device company’s stock valued at $2,106,000 after buying an additional 170 shares during the last quarter. Royce & Associates LP raised its holdings in shares of NuVasive by 35.1% during the first quarter. Royce & Associates LP now owns 678 shares of the medical device company’s stock valued at $39,000 after buying an additional 176 shares during the last quarter. Zions Bancorporation N.A. raised its holdings in shares of NuVasive by 6.1% during the second quarter. Zions Bancorporation N.A. now owns 3,280 shares of the medical device company’s stock valued at $192,000 after buying an additional 190 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of NuVasive by 1.5% during the first quarter. Louisiana State Employees Retirement System now owns 13,800 shares of the medical device company’s stock valued at $784,000 after buying an additional 200 shares during the last quarter. Finally, Retirement Systems of Alabama raised its holdings in shares of NuVasive by 0.4% during the second quarter. Retirement Systems of Alabama now owns 67,488 shares of the medical device company’s stock valued at $3,951,000 after buying an additional 270 shares during the last quarter.

About NuVasive

NuVasive, Inc, a medical device company, develops and markets minimally disruptive surgical products and procedurally integrated solutions for spine surgery. Its products focus on applications for spine fusion surgery, including ancillary products and services used to aid in the surgical procedure. The company's principal products include Maximum Access Surgery, a minimally disruptive surgical platform, which includes its software-driven nerve detection and avoidance systems, and intraoperative monitoring (IOM) services and support; MaXcess, an integrated split-blade retractor system; and various specialized implants and biologics.

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