Wells Fargo & Co downgraded shares of NuVasive (NASDAQ:NUVA) from an outperform rating to a market perform rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have $65.00 price objective on the medical device company’s stock.
Several other research firms have also recently commented on NUVA. Piper Jaffray Companies restated a buy rating and set a $90.00 price target on shares of NuVasive in a report on Tuesday, January 9th. Needham & Company LLC restated a sell rating on shares of NuVasive in a report on Wednesday, October 25th. Robert W. Baird set a $60.00 price target on shares of NuVasive and gave the company a hold rating in a report on Thursday, October 12th. BMO Capital Markets lowered their price target on shares of NuVasive from $85.00 to $69.00 and set an outperform rating on the stock in a report on Wednesday, October 25th. Finally, Royal Bank of Canada lowered their price target on shares of NuVasive from $75.00 to $70.00 and set an outperform rating on the stock in a report on Friday, November 10th. One research 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’s stock. The company presently has an average rating of Buy and a consensus price target of $72.33.
NuVasive (NUVA) traded up $1.29 during trading on Wednesday, hitting $52.08. 1,387,822 shares of the stock traded hands, compared to its average volume of 968,261. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.51 and a current ratio of 2.85. NuVasive has a fifty-two week low of $48.41 and a fifty-two week high of $81.68. The stock has a market cap of $2,654.41, a PE ratio of 27.56, a P/E/G ratio of 1.49 and a beta of 0.77.
NuVasive announced that its board has initiated a stock repurchase plan on Tuesday, October 24th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the medical device company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
Several hedge funds have recently added to or reduced their stakes in NUVA. Koch Industries Inc. lifted its stake in shares of NuVasive by 26,406.7% in the 2nd quarter. Koch Industries Inc. now owns 982,337 shares of the medical device company’s stock valued at $970,000 after purchasing an additional 978,631 shares during the last quarter. Voya Investment Management LLC lifted its stake in shares of NuVasive by 43.7% in the 2nd quarter. Voya Investment Management LLC now owns 1,699,964 shares of the medical device company’s stock valued at $130,761,000 after purchasing an additional 517,115 shares during the last quarter. TIAA CREF Investment Management LLC lifted its stake in shares of NuVasive by 118.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 546,740 shares of the medical device company’s stock valued at $42,055,000 after purchasing an additional 296,715 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of NuVasive by 450.6% in the 2nd quarter. Renaissance Technologies LLC now owns 314,888 shares of the medical device company’s stock valued at $24,221,000 after purchasing an additional 257,700 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted its stake in shares of NuVasive by 13.7% in the 3rd 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 purchasing an additional 187,863 shares during the last quarter.
COPYRIGHT VIOLATION WARNING: “Wells Fargo & Co Downgrades NuVasive (NUVA) to Market Perform” was first reported by Week Herald and is owned by of Week Herald. If you are accessing this story on another site, it was illegally copied and reposted in violation of United States & international copyright and trademark laws. The original version of this story can be accessed at https://weekherald.com/2018/01/21/wells-fargo-co-downgrades-nuvasive-nuva-to-market-perform.html.
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.
Receive News & Ratings for NuVasive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NuVasive and related companies with MarketBeat.com's FREE daily email newsletter.