Nevro (NYSE:NVRO) Rating Increased to Buy at Canaccord Genuity

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Nevro (NYSE:NVRO) was upgraded by investment analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a research report issued on Wednesday, MarketBeat reports. The firm currently has a $153.00 price objective on the medical equipment provider’s stock, up from their previous price objective of $120.00. Canaccord Genuity’s target price would suggest a potential upside of 17.56% from the company’s previous close.

A number of other brokerages have also recently weighed in on NVRO. Oppenheimer reaffirmed a “market perform” rating on shares of Nevro in a research report on Monday, January 6th. JPMorgan Chase & Co. boosted their price target on Nevro from $80.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, December 20th. Zacks Investment Research raised Nevro from a “hold” rating to a “buy” rating and set a $164.00 price target for the company in a research report on Wednesday, February 19th. SunTrust Banks started coverage on Nevro in a research report on Tuesday, January 7th. They issued a “buy” rating and a $132.00 price target for the company. Finally, UBS Group boosted their price target on Nevro from $77.00 to $84.00 and gave the stock a “sell” rating in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $121.77.

NVRO traded down $5.44 during trading on Wednesday, reaching $130.15. 787,522 shares of the stock traded hands, compared to its average volume of 423,807. The stock has a market cap of $4.42 billion, a price-to-earnings ratio of -38.51 and a beta of 0.46. Nevro has a fifty-two week low of $42.82 and a fifty-two week high of $148.05. The company has a debt-to-equity ratio of 0.91, a current ratio of 5.87 and a quick ratio of 4.54. The stock’s 50-day simple moving average is $131.56 and its two-hundred day simple moving average is $104.63.

Nevro (NYSE:NVRO) last announced its quarterly earnings results on Tuesday, February 25th. The medical equipment provider reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.62) by $0.18. Nevro had a negative return on equity of 50.68% and a negative net margin of 26.57%. The company had revenue of $114.37 million during the quarter, compared to analysts’ expectations of $110.83 million. Research analysts anticipate that Nevro will post -2.92 earnings per share for the current fiscal year.

In other news, CFO Andrew H. Galligan sold 17,718 shares of Nevro stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $120.11, for a total value of $2,128,108.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 7.60% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Atria Investments LLC increased its stake in shares of Nevro by 2.0% in the fourth quarter. Atria Investments LLC now owns 4,010 shares of the medical equipment provider’s stock worth $471,000 after purchasing an additional 79 shares during the period. UBS Asset Management Americas Inc. increased its stake in shares of Nevro by 0.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 33,792 shares of the medical equipment provider’s stock worth $3,972,000 after purchasing an additional 125 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Nevro by 87.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 300 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 140 shares during the period. Altshuler Shaham Ltd increased its stake in shares of Nevro by 148.6% in the fourth quarter. Altshuler Shaham Ltd now owns 276 shares of the medical equipment provider’s stock worth $32,000 after purchasing an additional 165 shares during the period. Finally, Amalgamated Bank increased its stake in shares of Nevro by 4.6% in the fourth quarter. Amalgamated Bank now owns 5,463 shares of the medical equipment provider’s stock worth $642,000 after purchasing an additional 241 shares during the period.

About Nevro

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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Analyst Recommendations for Nevro (NYSE:NVRO)

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