Nevro (NYSE:NVRO) Price Target Lowered to $68.00 at Citigroup

Nevro (NYSE:NVROGet Rating) had its price target cut by stock analysts at Citigroup from $78.00 to $68.00 in a research note issued on Tuesday, The Fly reports. Citigroup’s price objective suggests a potential upside of 47.38% from the stock’s current price.

Several other research analysts have also recently weighed in on the company. SVB Leerink decreased their price target on Nevro from $105.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, February 24th. Morgan Stanley decreased their price target on Nevro from $100.00 to $76.00 and set an “equal weight” rating for the company in a research note on Friday, February 25th. Wells Fargo & Company decreased their price target on Nevro from $116.00 to $90.00 and set an “overweight” rating for the company in a research note on Thursday, February 24th. Piper Sandler cut their price objective on Nevro from $65.00 to $64.00 in a report on Thursday, May 5th. Finally, StockNews.com raised Nevro from a “sell” rating to a “hold” rating in a report on Tuesday, May 10th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $99.77.

Shares of NYSE:NVRO opened at $46.14 on Tuesday. The stock has a fifty day simple moving average of $66.12 and a two-hundred day simple moving average of $76.89. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -11.83 and a beta of 1.07. Nevro has a 12-month low of $41.74 and a 12-month high of $182.45. The company has a current ratio of 6.97, a quick ratio of 5.68 and a debt-to-equity ratio of 0.77.

Nevro (NYSE:NVROGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The medical equipment provider reported ($0.98) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.11) by $0.13. The business had revenue of $87.40 million during the quarter, compared to analysts’ expectations of $86.19 million. Nevro had a negative return on equity of 38.02% and a negative net margin of 35.25%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.85) earnings per share. As a group, equities research analysts predict that Nevro will post -2.87 EPS for the current year.

In other Nevro news, General Counsel Kashif Rashid bought 2,250 shares of the firm’s stock in a transaction on Monday, May 9th. The shares were acquired at an average cost of $44.50 per share, with a total value of $100,125.00. Following the purchase, the general counsel now directly owns 53,526 shares of the company’s stock, valued at approximately $2,381,907. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO D Keith Grossman purchased 3,200 shares of Nevro stock in a transaction dated Tuesday, March 8th. The shares were purchased at an average cost of $63.59 per share, for a total transaction of $203,488.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 6,950 shares of company stock worth $399,673 over the last ninety days. 2.80% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in NVRO. BlackRock Inc. grew its stake in shares of Nevro by 13.7% during the first quarter. BlackRock Inc. now owns 4,718,980 shares of the medical equipment provider’s stock worth $341,322,000 after purchasing an additional 568,749 shares in the last quarter. Artisan Partners Limited Partnership purchased a new stake in shares of Nevro in the third quarter valued at about $43,419,000. Norges Bank purchased a new position in Nevro during the fourth quarter worth about $28,917,000. Capital Research Global Investors raised its holdings in Nevro by 28.4% during the third quarter. Capital Research Global Investors now owns 1,369,034 shares of the medical equipment provider’s stock worth $159,328,000 after purchasing an additional 302,849 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in Nevro by 19.1% during the first quarter. Wellington Management Group LLP now owns 1,797,160 shares of the medical equipment provider’s stock worth $129,989,000 after buying an additional 287,936 shares during the period.

About Nevro (Get Rating)

Nevro Corp., a medical device company, provides products for 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, as well as Senza II and Senza Omnia systems.

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