Zacks Investment Research upgraded shares of Cardiovascular Systems Inc. (NASDAQ:CSII) from a hold rating to a buy rating in a report issued on Tuesday morning. The firm currently has $27.00 price objective on the medical device company’s stock.
According to Zacks, “Cardiovascular Systems’ fiscal fourth-quarter's reported loss was narrower than the Zacks Consensus Estimate. The top line also beat the mark. The company stands to gain from several favorable trends in the peripheral artery diseases as well coronary artery disease market spaces. Moreover, management is optimistic about the engineering enhancements and higher production volumes which may continue to reduce unit cost for the company in the quarters ahead. We are currently looking forward to the company’s recent submission of Shonin application in Japan for approval of second-generation coronary device. Besides, the completion of a settlement agreement with the Department of Justice is an upside. On the flip side, the company operates in the competitive medical device industry, which gets significantly affected by new product introductions and other activities of industry participants.”
Other equities research analysts have also issued research reports about the company. Bank of America Corp. raised Cardiovascular Systems from an underperform rating to a neutral rating in a research note on Thursday, August 4th. Needham & Company LLC lifted their price target on Cardiovascular Systems from $23.00 to $27.00 and gave the stock a buy rating in a research note on Thursday, August 4th. Finally, Leerink Swann raised Cardiovascular Systems from a market perform rating to an outperform rating and set a $30.00 price target for the company in a research note on Monday, August 22nd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Cardiovascular Systems presently has a consensus rating of Buy and an average price target of $25.50.
Cardiovascular Systems (NASDAQ:CSII) opened at 24.455 on Tuesday. The firm has a 50-day moving average price of $24.01 and a 200 day moving average price of $18.51. The company’s market cap is $815.45 million. Cardiovascular Systems has a one year low of $7.50 and a one year high of $25.22.
Cardiovascular Systems (NASDAQ:CSII) last issued its quarterly earnings results on Wednesday, August 3rd. The medical device company reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. Cardiovascular Systems had a negative return on equity of 38.39% and a negative net margin of 31.44%. The firm earned $48.50 million during the quarter, compared to analyst estimates of $46.01 million. During the same quarter in the previous year, the company posted ($0.27) earnings per share. The company’s revenue was up .0% compared to the same quarter last year. Equities analysts expect that Cardiovascular Systems will post ($0.62) earnings per share for the current fiscal year.
In related news, SVP Paul A. Koehn sold 5,969 shares of the business’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $25.02, for a total transaction of $149,344.38. Following the transaction, the senior vice president now owns 73,321 shares in the company, valued at approximately $1,834,491.42. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Camber Capital Management Llc sold 1,100,000 shares of the business’s stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $23.26, for a total value of $25,586,000.00. The disclosure for this sale can be found here. 5.60% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA increased its position in shares of Cardiovascular Systems by 39.4% in the third quarter. BNP Paribas Arbitrage SA now owns 5,445 shares of the medical device company’s stock worth $129,000 after buying an additional 1,540 shares in the last quarter. Cutler Group LP increased its position in shares of Cardiovascular Systems by 4.7% in the second quarter. Cutler Group LP now owns 7,787 shares of the medical device company’s stock worth $143,000 after buying an additional 350 shares in the last quarter. Strs Ohio acquired a new position in shares of Cardiovascular Systems during the second quarter worth about $194,000. Menta Capital LLC increased its position in shares of Cardiovascular Systems by 89.0% in the first quarter. Menta Capital LLC now owns 25,515 shares of the medical device company’s stock worth $265,000 after buying an additional 12,015 shares in the last quarter. Finally, Weiss Multi Strategy Advisers LLC increased its position in shares of Cardiovascular Systems by 45.8% in the second quarter. Weiss Multi Strategy Advisers LLC now owns 14,580 shares of the medical device company’s stock worth $268,000 after buying an additional 4,580 shares in the last quarter. Institutional investors own 68.16% of the company’s stock.
Cardiovascular Systems Company Profile
Cardiovascular Systems, Inc is a medical technology company. The Company is engaged in treating patients suffering from peripheral and coronary arterial diseases. It has developed an orbital atherectomy technology for peripheral and coronary commercial applications. Its peripheral arterial disease systems are catheter-based platforms that treat plaque types in leg arteries both above and below the knee.
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