Engineers Gate Manager LP purchased a new position in NuVasive, Inc. (NASDAQ:NUVA) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 53,912 shares of the medical device company’s stock, valued at approximately $2,990,000. Engineers Gate Manager LP owned approximately 0.11% of NuVasive as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently bought and sold shares of NUVA. First Trust Advisors LP raised its holdings in shares of NuVasive by 17.7% during the second quarter. First Trust Advisors LP now owns 36,597 shares of the medical device company’s stock valued at $2,815,000 after buying an additional 5,510 shares during the last quarter. Bank of Montreal Can raised its holdings in NuVasive by 23.6% during the second quarter. Bank of Montreal Can now owns 5,680 shares of the medical device company’s stock worth $437,000 after purchasing an additional 1,086 shares in the last quarter. Vanguard Group Inc. raised its holdings in NuVasive by 1.3% during the second quarter. Vanguard Group Inc. now owns 4,164,226 shares of the medical device company’s stock worth $320,312,000 after purchasing an additional 53,769 shares in the last quarter. Icon Advisers Inc. Co. bought a new stake in NuVasive during the third quarter worth approximately $360,000. Finally, Geneva Advisors LLC raised its holdings in NuVasive by 3.3% during the second quarter. Geneva Advisors LLC now owns 17,369 shares of the medical device company’s stock worth $1,336,000 after purchasing an additional 555 shares in the last quarter.
Several brokerages recently commented on NUVA. Royal Bank of Canada reissued a “buy” rating and set a $75.00 target price on shares of NuVasive in a report on Friday, September 8th. BTIG Research assumed coverage on shares of NuVasive in a research report on Thursday, September 7th. They issued a “buy” rating and a $82.00 price target on the stock. Zacks Investment Research upgraded shares of NuVasive from a “sell” rating to a “hold” rating in a research report on Tuesday, December 19th. BidaskClub upgraded shares of NuVasive from a “sell” rating to a “hold” rating in a research report on Friday, December 15th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $70.00 price objective on shares of NuVasive in a research report on Thursday, December 14th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. NuVasive currently has a consensus rating of “Buy” and an average target price of $72.43.
NuVasive (NASDAQ:NUVA) last announced its quarterly earnings data on Tuesday, October 24th. The medical device company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.04. The business had revenue of $247.40 million during the quarter, compared to analyst estimates of $255.70 million. NuVasive had a net margin of 6.36% and a return on equity of 13.65%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.40 earnings per share. analysts forecast that NuVasive, Inc. will post 1.91 earnings per share for the current year.
NuVasive announced that its board has authorized a share buyback plan on Tuesday, October 24th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the medical device company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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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