NuVasive, Inc. (NASDAQ:NUVA) Given Equal Weight Rating at Morgan Stanley

Morgan Stanley reiterated their equal weight rating on shares of NuVasive, Inc. (NASDAQ:NUVA) in a report released on Tuesday morning. Morgan Stanley currently has a $88.00 price objective on the medical device company’s stock, up from their prior price objective of $84.00.

Other equities analysts also recently issued reports about the stock. TheStreet raised shares of NuVasive from a c+ rating to a b rating in a research note on Wednesday, May 3rd. Jefferies Group LLC reaffirmed a buy rating and issued a $84.00 target price on shares of NuVasive in a research note on Friday, June 30th. Royal Bank Of Canada reaffirmed a buy rating and issued a $76.00 target price on shares of NuVasive in a research note on Monday, May 15th. BMO Capital Markets reaffirmed a buy rating and issued a $82.00 target price on shares of NuVasive in a research note on Tuesday, April 11th. Finally, Canaccord Genuity reaffirmed a buy rating and issued a $84.00 target price (up from $82.00) on shares of NuVasive in a research note on Wednesday, April 26th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. NuVasive has a consensus rating of Buy and a consensus target price of $81.58.

NuVasive (NASDAQ:NUVA) traded down 1.95% on Tuesday, hitting $79.46. 794,777 shares of the stock traded hands. NuVasive has a 12-month low of $56.70 and a 12-month high of $81.68. The stock has a 50-day moving average price of $77.89 and a 200 day moving average price of $74.29. The stock has a market cap of $4.03 billion, a P/E ratio of 83.38 and a beta of 1.08.

NuVasive (NASDAQ:NUVA) last announced its earnings results on Tuesday, April 25th. The medical device company reported $0.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. NuVasive had a net margin of 5.35% and a return on equity of 12.63%. The company had revenue of $249.86 million during the quarter, compared to the consensus estimate of $250.52 million. During the same period in the previous year, the firm posted $0.34 earnings per share. The company’s revenue was up 16.2% on a year-over-year basis. On average, equities analysts expect that NuVasive will post $2.01 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of NUVA. Strs Ohio boosted its position in shares of NuVasive by 10.8% in the first quarter. Strs Ohio now owns 7,200 shares of the medical device company’s stock worth $537,000 after buying an additional 700 shares in the last quarter. Profit Investment Management LLC boosted its position in shares of NuVasive by 28.3% in the first quarter. Profit Investment Management LLC now owns 44,738 shares of the medical device company’s stock worth $3,341,000 after buying an additional 9,871 shares in the last quarter. Sawgrass Asset Management LLC purchased a new position in shares of NuVasive during the first quarter worth about $745,000. Glen Harbor Capital Management LLC boosted its position in shares of NuVasive by 18.3% in the first quarter. Glen Harbor Capital Management LLC now owns 2,134 shares of the medical device company’s stock worth $159,000 after buying an additional 330 shares in the last quarter. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of NuVasive during the first quarter worth about $246,000.

NuVasive Company Profile

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.