Nevro (NVRO) Price Target Cut to $63.00

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Nevro (NYSE:NVRO) had its price target trimmed by Canaccord Genuity from $80.00 to $63.00 in a research note published on Tuesday, The Fly reports. The firm currently has an in-line rating on the medical equipment provider’s stock. The analysts noted that the move was a valuation call.

Other analysts have also issued research reports about the company. Bank of America cut their price target on Nevro from $102.00 to $77.00 and set a buy rating for the company in a report on Tuesday, July 17th. JPMorgan Chase & Co. reissued a buy rating on shares of Nevro in a report on Wednesday, July 11th. Morgan Stanley cut their price target on Nevro from $88.00 to $65.00 and set an equal weight rating for the company in a report on Tuesday, July 17th. Zacks Investment Research raised Nevro from a sell rating to a hold rating in a report on Tuesday, September 18th. Finally, Wells Fargo & Co cut their price target on Nevro from $62.00 to $50.00 and set a market perform rating for the company in a report on Tuesday. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Nevro presently has a consensus rating of Hold and a consensus target price of $64.11.

Nevro stock traded down $1.13 during mid-day trading on Tuesday, reaching $41.92. 870,781 shares of the stock traded hands, compared to its average volume of 824,902. The stock has a market cap of $1.25 billion, a PE ratio of -33.54 and a beta of -0.29. The company has a debt-to-equity ratio of 0.62, a quick ratio of 6.29 and a current ratio of 8.05. Nevro has a 12-month low of $35.41 and a 12-month high of $94.34.

Nevro (NYSE:NVRO) last posted its quarterly earnings data on Monday, November 5th. The medical equipment provider reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.07). The firm had revenue of $95.60 million for the quarter, compared to analysts’ expectations of $94.29 million. Nevro had a negative net margin of 11.64% and a negative return on equity of 17.89%. The firm’s revenue was up 16.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.21) EPS. As a group, sell-side analysts predict that Nevro will post -1.49 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in NVRO. Wells Fargo & Company MN grew its holdings in Nevro by 66.0% during the second quarter. Wells Fargo & Company MN now owns 1,366,980 shares of the medical equipment provider’s stock valued at $109,153,000 after purchasing an additional 543,401 shares during the period. Jennison Associates LLC boosted its stake in shares of Nevro by 22.3% in the second quarter. Jennison Associates LLC now owns 1,690,765 shares of the medical equipment provider’s stock worth $135,008,000 after acquiring an additional 307,980 shares during the period. BlackRock Inc. boosted its stake in shares of Nevro by 9.9% in the second quarter. BlackRock Inc. now owns 2,947,118 shares of the medical equipment provider’s stock worth $235,328,000 after acquiring an additional 265,361 shares during the period. FMR LLC boosted its stake in shares of Nevro by 48.7% in the second quarter. FMR LLC now owns 583,000 shares of the medical equipment provider’s stock worth $46,553,000 after acquiring an additional 191,000 shares during the period. Finally, Gabelli Funds LLC boosted its stake in shares of Nevro by 221.9% in the third quarter. Gabelli Funds LLC now owns 145,500 shares of the medical equipment provider’s stock worth $8,294,000 after acquiring an additional 100,298 shares during the period.

Nevro Company 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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