Canaccord Genuity Cuts NuVasive (NUVA) Price Target to $75.00

NuVasive (NASDAQ:NUVA) had its target price lowered by research analysts at Canaccord Genuity from $80.00 to $75.00 in a report issued on Wednesday. The brokerage currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity’s target price indicates a potential upside of 31.66% from the company’s current price.

A number of other research analysts have also weighed in on NUVA. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price objective (down previously from $80.00) on shares of NuVasive in a report on Wednesday. BidaskClub lowered NuVasive from a “buy” rating to a “hold” rating in a report on Friday, August 10th. Cantor Fitzgerald reaffirmed a “hold” rating and set a $58.00 price objective on shares of NuVasive in a report on Friday, October 19th. BTIG Research upped their price objective on NuVasive to $72.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Finally, ValuEngine raised NuVasive from a “strong sell” rating to a “sell” rating in a report on Monday, July 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $67.94.

NUVA stock traded down $5.54 on Wednesday, reaching $56.97. 829,168 shares of the company’s stock were exchanged, compared to its average volume of 640,510. NuVasive has a twelve month low of $44.62 and a twelve month high of $72.41. The firm has a market capitalization of $3.19 billion, a PE ratio of 29.82, a P/E/G ratio of 1.67 and a beta of 0.69.



NuVasive (NASDAQ:NUVA) last announced its quarterly earnings data on Tuesday, October 30th. The medical device company reported $0.56 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.06). NuVasive had a return on equity of 13.70% and a net margin of 3.96%. The business had revenue of $271.30 million for the quarter, compared to analyst estimates of $265.70 million. During the same period in the prior year, the company earned $0.52 EPS. The company’s revenue was up 9.7% on a year-over-year basis. On average, equities research analysts anticipate that NuVasive will post 2.39 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Phocas Financial Corp. purchased a new stake in NuVasive during the second quarter worth $5,262,000. Macquarie Group Ltd. boosted its position in NuVasive by 12.2% during the second quarter. Macquarie Group Ltd. now owns 552,101 shares of the medical device company’s stock worth $28,776,000 after purchasing an additional 60,108 shares in the last quarter. Principal Financial Group Inc. boosted its position in NuVasive by 4.3% during the first quarter. Principal Financial Group Inc. now owns 226,509 shares of the medical device company’s stock worth $11,826,000 after purchasing an additional 9,438 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in NuVasive by 10.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,303,103 shares of the medical device company’s stock worth $67,919,000 after purchasing an additional 121,467 shares in the last quarter. Finally, Strs Ohio boosted its position in NuVasive by 45.5% during the second quarter. Strs Ohio now owns 3,200 shares of the medical device company’s stock worth $166,000 after purchasing an additional 1,000 shares in the last quarter.

About NuVasive

NuVasive, Inc, a medical device company, develops and markets minimally-disruptive surgical products and procedurally-integrated solutions for spine surgery. Its products focus on applications for spine fusion surgery, including ancillary products and services used to aid in the surgical procedure. The company's principal product is Maximum Access Surgery, a minimally-disruptive surgical platform, which includes its software-driven nerve detection and avoidance systems, and intraoperative monitoring (IOM) services and support; MaXcess, an integrated split-blade retractor system; and various specialized implants and biologics.

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