Synovus Financial Corp grew its stake in shares of NuVasive, Inc. (NASDAQ:NUVA) by 3,860.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 3,485 shares of the medical device company’s stock after acquiring an additional 3,397 shares during the period. Synovus Financial Corp’s holdings in NuVasive were worth $225,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of NuVasive by 0.6% in the second quarter. Vanguard Group Inc. now owns 4,886,110 shares of the medical device company’s stock worth $286,033,000 after purchasing an additional 30,250 shares during the last quarter. Eminence Capital LP bought a new position in shares of NuVasive in the second quarter worth approximately $70,171,000. Victory Capital Management Inc. increased its position in shares of NuVasive by 5.3% in the second quarter. Victory Capital Management Inc. now owns 951,421 shares of the medical device company’s stock worth $55,696,000 after purchasing an additional 48,045 shares during the last quarter. Northern Trust Corp increased its position in shares of NuVasive by 1.2% in the second quarter. Northern Trust Corp now owns 839,985 shares of the medical device company’s stock worth $49,172,000 after purchasing an additional 9,932 shares during the last quarter. Finally, Macquarie Group Ltd. increased its position in shares of NuVasive by 7.9% in the second quarter. Macquarie Group Ltd. now owns 757,855 shares of the medical device company’s stock worth $44,365,000 after purchasing an additional 55,569 shares during the last quarter. Hedge funds and other institutional investors own 99.91% of the company’s stock.
Shares of NASDAQ:NUVA traded down $0.12 during trading on Monday, reaching $72.07. 690,133 shares of the company traded hands, compared to its average volume of 558,919. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 32.32, a P/E/G ratio of 2.73 and a beta of 1.18. NuVasive, Inc. has a 52-week low of $43.51 and a 52-week high of $73.00. The company has a current ratio of 3.68, a quick ratio of 2.08 and a debt-to-equity ratio of 0.79. The business’s fifty day moving average is $66.10 and its 200-day moving average is $62.20.
NuVasive (NASDAQ:NUVA) last released its quarterly earnings data on Wednesday, October 30th. The medical device company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.06. The firm had revenue of $290.80 million during the quarter, compared to analyst estimates of $283.75 million. NuVasive had a return on equity of 14.93% and a net margin of 4.15%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.56 earnings per share. On average, sell-side analysts predict that NuVasive, Inc. will post 2.37 earnings per share for the current fiscal year.
Several research analysts recently weighed in on NUVA shares. Zacks Investment Research upgraded shares of NuVasive from a “sell” rating to a “buy” rating and set a $74.00 price objective on the stock in a research report on Friday, November 1st. Morgan Stanley upped their price objective on shares of NuVasive from $57.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Needham & Company LLC restated a “hold” rating on shares of NuVasive in a research report on Thursday, August 8th. TheStreet upgraded shares of NuVasive from a “c+” rating to a “b” rating in a research report on Wednesday, July 31st. Finally, BidaskClub upgraded shares of NuVasive from a “sell” rating to a “hold” rating in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $67.42.
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 products include 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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