Profit Investment Management LLC lowered its position in NuVasive, Inc. (NASDAQ:NUVA) by 21.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,336 shares of the medical device company’s stock after selling 9,402 shares during the period. NuVasive comprises approximately 2.5% of Profit Investment Management LLC’s holdings, making the stock its 3rd largest position. Profit Investment Management LLC owned about 0.07% of NuVasive worth $2,718,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of NuVasive during the fourth quarter worth about $47,466,000. OppenheimerFunds Inc. boosted its stake in shares of NuVasive by 55.8% in the first quarter. OppenheimerFunds Inc. now owns 1,210,999 shares of the medical device company’s stock worth $90,438,000 after buying an additional 433,506 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of NuVasive by 70.8% in the first quarter. Victory Capital Management Inc. now owns 715,321 shares of the medical device company’s stock worth $53,420,000 after buying an additional 296,568 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of NuVasive during the first quarter worth about $20,724,000. Finally, Vanguard Group Inc. boosted its stake in shares of NuVasive by 4.9% in the first quarter. Vanguard Group Inc. now owns 4,110,457 shares of the medical device company’s stock worth $306,969,000 after buying an additional 191,166 shares in the last quarter.
Shares of NuVasive, Inc. (NUVA) traded up 4.30% on Friday, hitting $66.63. 1,695,893 shares of the stock traded hands. The stock has a 50-day moving average price of $73.76 and a 200 day moving average price of $74.02. NuVasive, Inc. has a 52 week low of $56.70 and a 52 week high of $81.68. The firm has a market cap of $3.39 billion, a P/E ratio of 104.93 and a beta of 1.06.
NuVasive (NASDAQ:NUVA) last posted its quarterly earnings results on Thursday, July 27th. The medical device company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.02. The business had revenue of $260.60 million during the quarter, compared to the consensus estimate of $261.95 million. NuVasive had a net margin of 3.50% and a return on equity of 13.04%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 earnings per share. Equities research analysts predict that NuVasive, Inc. will post $2.00 EPS for the current fiscal year.
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Several equities research analysts recently issued reports on the company. TheStreet upgraded NuVasive from a “c+” rating to a “b” rating in a research note on Wednesday, May 3rd. Zacks Investment Research upgraded NuVasive from a “sell” rating to a “hold” rating in a research note on Thursday, April 27th. BidaskClub upgraded NuVasive from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Barclays PLC boosted their price target on NuVasive from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Monday, April 24th. Finally, Royal Bank Of Canada boosted their price target on NuVasive from $76.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, June 6th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $81.18.
In other NuVasive news, EVP Peter Michael Leddy purchased 7,850 shares of the stock in a transaction on Tuesday, August 1st. The stock was acquired at an average cost of $63.88 per share, with a total value of $501,458.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.70% of the company’s stock.
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.
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