Canaccord Genuity Increases Nevro (NYSE:NVRO) Price Target to $59.00

Nevro (NYSE:NVRO) had its price objective lifted by Canaccord Genuity from $50.00 to $59.00 in a research report report published on Friday morning, BenzingaRatingsTable reports. Canaccord Genuity currently has a hold rating on the medical equipment provider’s stock.

Several other research analysts have also weighed in on the company. Morgan Stanley cut their target price on Nevro from $70.00 to $64.00 and set an overweight rating on the stock in a research report on Friday, May 10th. ValuEngine raised Nevro from a buy rating to a strong-buy rating in a research report on Wednesday, July 24th. Wells Fargo & Co cut their price objective on Nevro from $75.00 to $70.00 and set an outperform rating on the stock in a research report on Monday, May 13th. Zacks Investment Research raised Nevro from a strong sell rating to a hold rating in a research report on Tuesday, May 14th. Finally, JMP Securities cut their price objective on Nevro from $80.00 to $70.00 and set a market outperform rating on the stock in a research report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $60.55.

Shares of NVRO opened at $79.34 on Friday. The company has a quick ratio of 4.87, a current ratio of 6.30 and a debt-to-equity ratio of 0.83. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -48.38 and a beta of 0.29. The business has a fifty day moving average price of $64.86. Nevro has a twelve month low of $34.75 and a twelve month high of $77.43.

Nevro (NYSE:NVRO) last issued its earnings results on Thursday, August 8th. The medical equipment provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.02). The firm had revenue of $93.60 million during the quarter, compared to analysts’ expectations of $88.40 million. Nevro had a negative return on equity of 39.62% and a negative net margin of 24.51%. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period last year, the business posted ($0.35) earnings per share. On average, equities research analysts forecast that Nevro will post -3.83 EPS for the current year.

In other Nevro news, Director Elizabeth H. Weatherman bought 2,460 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were acquired at an average cost of $60.99 per share, with a total value of $150,035.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin C. Oboyle bought 1,675 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were acquired at an average cost of $60.00 per share, for a total transaction of $100,500.00. The disclosure for this purchase can be found here. Company insiders own 7.60% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisor Group Inc. increased its position in shares of Nevro by 64.5% during the fourth quarter. Advisor Group Inc. now owns 921 shares of the medical equipment provider’s stock worth $36,000 after acquiring an additional 361 shares during the last quarter. Moody Aldrich Partners LLC increased its position in shares of Nevro by 2.9% during the second quarter. Moody Aldrich Partners LLC now owns 15,981 shares of the medical equipment provider’s stock worth $1,036,000 after acquiring an additional 456 shares during the last quarter. Trillium Asset Management LLC increased its position in shares of Nevro by 8.1% during the first quarter. Trillium Asset Management LLC now owns 9,792 shares of the medical equipment provider’s stock worth $612,000 after acquiring an additional 735 shares during the last quarter. Marshall Wace North America L.P. increased its position in shares of Nevro by 27.3% during the first quarter. Marshall Wace North America L.P. now owns 4,390 shares of the medical equipment provider’s stock worth $276,000 after acquiring an additional 941 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Nevro by 11.4% during the second quarter. Oppenheimer Asset Management Inc. now owns 9,949 shares of the medical equipment provider’s stock worth $645,000 after acquiring an additional 1,019 shares during the last quarter.

About Nevro

Nevro Corp., a medical device company, provides products for the patients suffering from chronic pain in the United States and internationally. The company develops and commercializes the Senza spinal cord stimulation system, an evidence-based neuromodulation platform for the treatment of chronic pain.

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