NuVasive (NUVA) Given a $74.00 Price Target at BTIG Research

BTIG Research set a $74.00 target price on NuVasive (NASDAQ:NUVA) in a research note issued to investors on Wednesday morning. The brokerage currently has a buy rating on the medical device company’s stock.

Several other brokerages have also recently issued reports on NUVA. Needham & Company LLC reaffirmed a sell rating on shares of NuVasive in a report on Wednesday, October 25th. Robert W. Baird set a $60.00 price target on NuVasive and gave the stock a hold rating in a research report on Thursday, October 12th. BMO Capital Markets dropped their price target on NuVasive from $85.00 to $69.00 and set an outperform rating for the company in a research report on Wednesday, October 25th. Royal Bank of Canada dropped their price target on NuVasive from $75.00 to $70.00 and set an outperform rating for the company in a research report on Friday, November 10th. Finally, Piper Jaffray Companies reiterated a buy rating and issued a $90.00 price target on shares of NuVasive in a research report on Thursday, September 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $72.43.

Shares of NuVasive (NASDAQ NUVA) traded up $0.55 during mid-day trading on Wednesday, hitting $59.71. The stock had a trading volume of 358,697 shares, compared to its average volume of 845,036. NuVasive has a 1 year low of $49.25 and a 1 year high of $81.68. The company has a quick ratio of 1.51, a current ratio of 2.85 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $3,020.00, a PE ratio of 31.05, a price-to-earnings-growth ratio of 2.09 and a beta of 0.77.

NuVasive (NASDAQ:NUVA) last issued its earnings results on Tuesday, October 24th. The medical device company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.04. NuVasive had a return on equity of 13.65% and a net margin of 6.36%. The firm had revenue of $247.40 million for the quarter, compared to analysts’ expectations of $255.70 million. During the same period in the previous year, the firm posted $0.40 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. research analysts forecast that NuVasive will post 1.91 EPS for the current fiscal year.

NuVasive declared that its Board of Directors has initiated a stock buyback plan on Tuesday, October 24th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the medical device company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Several large investors have recently made changes to their positions in NUVA. Koch Industries Inc. boosted its position in shares of NuVasive by 26,406.7% during the second quarter. Koch Industries Inc. now owns 982,337 shares of the medical device company’s stock valued at $970,000 after buying an additional 978,631 shares during the period. Voya Investment Management LLC boosted its position in shares of NuVasive by 43.7% during the second quarter. Voya Investment Management LLC now owns 1,699,964 shares of the medical device company’s stock valued at $130,761,000 after buying an additional 517,115 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of NuVasive by 118.7% during the second quarter. TIAA CREF Investment Management LLC now owns 546,740 shares of the medical device company’s stock valued at $42,055,000 after buying an additional 296,715 shares during the period. Renaissance Technologies LLC boosted its position in shares of NuVasive by 450.6% during the second quarter. Renaissance Technologies LLC now owns 314,888 shares of the medical device company’s stock valued at $24,221,000 after buying an additional 257,700 shares during the period. Finally, Alyeska Investment Group L.P. boosted its position in shares of NuVasive by 13.7% during the third quarter. Alyeska Investment Group L.P. now owns 1,559,940 shares of the medical device company’s stock valued at $86,514,000 after buying an additional 187,863 shares during the period.

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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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