NuVasive, Inc. (NUVA) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of NuVasive, Inc. (NASDAQ:NUVA) from a buy rating to a hold rating in a research report sent to investors on Monday, July 31st.

According to Zacks, “NuVasive’s second-quarter 2017 performance was mixed with the bottom line beating the estimates and sales missing the mark. However, year-over-year, revenue growth was solid, led by robust performance in the international market on above-market growth across all geographies. Notably, over the recent past, the company has demonstrated steady year-over-year improvement on the top-line front on account of strong procedural growth in the U.S. as well as internationally. We are optimistic about the company’s recent progress in development of technologies and services for spine surgery. On the flip side, over the last three months, NuVasive has been trading below the broader industry. Further, currency headwind, pricing and reimbursement issues along with a competitive landscape are major downsides. Also, the company’s low-margin Biotronic business impacted the second quarter’s performance.”

Other research analysts have also recently issued reports about the company. Jefferies Group LLC reiterated a buy rating and issued a $84.00 price objective on shares of NuVasive in a report on Friday, June 30th. Cowen and Company reiterated an outperform rating and issued a $85.00 price objective on shares of NuVasive in a report on Monday, May 15th. Royal Bank Of Canada reiterated a buy rating and issued a $85.00 price objective on shares of NuVasive in a report on Thursday, July 20th. TheStreet upgraded NuVasive from a c+ rating to a b rating in a report on Wednesday, May 3rd. Finally, Robert W. Baird cut NuVasive from an outperform rating to a neutral rating and decreased their price objective for the company from $79.00 to $72.00 in a report on Friday, July 28th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $81.18.

Shares of NuVasive (NUVA) traded down 2.84% on Monday, reaching $64.06. The company’s stock had a trading volume of 1,061,123 shares. The company’s 50-day moving average is $72.27 and its 200 day moving average is $73.89. NuVasive has a 12-month low of $56.70 and a 12-month high of $81.68. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of 100.88 and a beta of 1.06.

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

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In other news, CEO Gregory T. Lucier purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was purchased at an average cost of $66.22 per share, with a total value of $331,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Michael Leddy purchased 7,850 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were purchased at an average cost of $63.88 per share, with a total value of $501,458.00. The disclosure for this purchase can be found here. Corporate insiders own 4.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. boosted 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 in the last quarter. Strs Ohio boosted its position in shares of NuVasive by 10.8% in the first quarter. Strs Ohio now owns 7,200 shares of the medical device company’s stock worth $537,000 after buying an additional 700 shares during the period. Profit Investment Management LLC boosted its position in shares of NuVasive by 28.3% in the first quarter. Profit Investment Management LLC now owns 44,738 shares of the medical device company’s stock worth $3,341,000 after buying an additional 9,871 shares during the period. Sawgrass Asset Management LLC bought a new position in shares of NuVasive during the first quarter worth about $745,000. Finally, Glen Harbor Capital Management LLC boosted its position in shares of 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 worth $159,000 after buying an additional 330 shares during the period.

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.

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