Pictet Asset Management Ltd. Cuts Position in Nevro Corp (NYSE:NVRO)

Pictet Asset Management Ltd. reduced its stake in Nevro Corp (NYSE:NVRO) by 3.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 286,362 shares of the medical equipment provider’s stock after selling 11,254 shares during the period. Pictet Asset Management Ltd. owned 0.94% of Nevro worth $18,565,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in NVRO. Spark Investment Management LLC increased its stake in Nevro by 144.9% in the first quarter. Spark Investment Management LLC now owns 403,400 shares of the medical equipment provider’s stock valued at $25,216,000 after purchasing an additional 238,700 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Nevro in the second quarter valued at approximately $5,933,000. Frontier Capital Management Co. LLC purchased a new position in Nevro in the first quarter valued at approximately $4,211,000. Sivik Global Healthcare LLC purchased a new position in Nevro in the first quarter valued at approximately $3,126,000. Finally, First Trust Advisors LP acquired a new stake in shares of Nevro in the second quarter valued at approximately $2,449,000.

Shares of NYSE NVRO traded down $1.41 during mid-day trading on Friday, hitting $89.69. 9,569 shares of the company were exchanged, compared to its average volume of 357,753. The company has a quick ratio of 4.66, a current ratio of 6.05 and a debt-to-equity ratio of 0.89. The stock has a 50 day simple moving average of $76.85 and a 200-day simple moving average of $63.86. Nevro Corp has a 1-year low of $34.75 and a 1-year high of $91.60. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of -54.56 and a beta of 0.21.

Nevro (NYSE:NVRO) last issued its quarterly earnings results on Thursday, August 8th. The medical equipment provider reported ($0.91) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.89) by ($0.02). Nevro had a negative return on equity of 41.07% and a negative net margin of 24.51%. The company had revenue of $93.60 million for the quarter, compared to analyst estimates of $88.40 million. During the same period in the prior year, the business earned ($0.35) earnings per share. Nevro’s revenue for the quarter was down 2.6% compared to the same quarter last year. Analysts anticipate that Nevro Corp will post -3.87 earnings per share for the current fiscal year.

Several research firms have recently weighed in on NVRO. Leerink Swann set a $98.00 price objective on Nevro and gave the company a “buy” rating in a report on Friday, August 23rd. Northland Securities set a $65.00 price objective on Nevro and gave the company a “hold” rating in a report on Friday, August 9th. Morgan Stanley set a $76.00 price objective on Nevro and gave the company a “buy” rating in a report on Friday, August 9th. Canaccord Genuity increased their price objective on Nevro from $50.00 to $59.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Bank of America increased their price objective on Nevro from $70.00 to $74.00 and gave the company a “buy” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $65.83.

Nevro Profile

Nevro Corp., a medical device company, provides products for the patients suffering from chronic pain in the United States and internationally. The company develops and commercializes the Senza spinal cord stimulation system, an evidence-based neuromodulation platform for the treatment of chronic pain.

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Institutional Ownership by Quarter for Nevro (NYSE:NVRO)

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