Los Angeles Capital Management & Equity Research Inc. lowered its position in shares of NuVasive Inc. (NASDAQ:NUVA) by 12.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,215 shares of the medical device company’s stock after selling 1,065 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in NuVasive were worth $431,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Blair William & Co. IL increased its stake in NuVasive by 760.5% in the second quarter. Blair William & Co. IL now owns 245,333 shares of the medical device company’s stock worth $14,651,000 after buying an additional 216,822 shares in the last quarter. Scout Investments Inc. acquired a new stake in NuVasive during the second quarter worth $9,395,000. Turner Investments L.P. acquired a new stake in NuVasive during the second quarter worth $1,075,000. Stephens Inc. AR increased its stake in NuVasive by 14.9% in the second quarter. Stephens Inc. AR now owns 6,415 shares of the medical device company’s stock worth $383,000 after buying an additional 834 shares in the last quarter. Finally, Princeton Alpha Management LP acquired a new stake in NuVasive during the second quarter worth $321,000.
Shares of NuVasive Inc. (NASDAQ:NUVA) traded down 1.90% during trading on Friday, hitting $66.77. 1,059,666 shares of the stock traded hands. The stock has a 50 day moving average of $64.80 and a 200 day moving average of $57.09. NuVasive Inc. has a 52-week low of $36.81 and a 52-week high of $69.00. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 69.26 and a beta of 0.86.
NuVasive (NASDAQ:NUVA) last posted its earnings results on Tuesday, July 26th. The medical device company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.04. NuVasive had a return on equity of 10.57% and a net margin of 5.28%. The firm had revenue of $236.50 million for the quarter, compared to analyst estimates of $232.86 million. During the same quarter in the prior year, the company earned $0.31 EPS. NuVasive’s revenue was up 16.4% on a year-over-year basis. Analysts expect that NuVasive Inc. will post $1.65 EPS for the current year.
A number of research firms have recently weighed in on NUVA. Zacks Investment Research downgraded shares of NuVasive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 27th. Brean Capital upped their price target on shares of NuVasive from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Morgan Stanley reiterated a “hold” rating and issued a $57.00 price target on shares of NuVasive in a research note on Tuesday, June 7th. Jefferies Group upped their price target on shares of NuVasive from $63.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, July 27th. Finally, Piper Jaffray Cos. reiterated an “overweight” rating and issued a $70.00 price target on shares of NuVasive in a research note on Thursday, September 1st. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $65.31.
In related news, EVP Jason Hannon sold 2,625 shares of the stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $64.80, for a total transaction of $170,100.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lesley H. Howe sold 3,602 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $62.44, for a total value of $224,908.88. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company’s stock.
Nuvasive, Inc is a medical device company in the spine market. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine. The Company offers two product lines: spine surgery products and biologics. The Company’s spine surgery products line offerings include thoracolumbar product offerings, cervical product offerings, Intra-Operative Monitoring (IOM) services and disposables, which are used to enable access to the spine and to perform restorative and fusion procedures in a minimally disruptive fashion.
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