Zacks Investment Research upgraded shares of Cardiovascular Systems Inc. (NASDAQ:CSII) from a hold rating to a buy rating in a report published on Tuesday. They currently have $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.”
Several other equities research analysts have also recently weighed in on the stock. Bank of America Corp. raised shares of Cardiovascular Systems from an underperform rating to a neutral rating in a research report on Thursday, August 4th. Leerink Swann raised shares of Cardiovascular Systems from a market perform rating to an outperform rating and set a $30.00 price target for the company in a research report on Monday, August 22nd. Finally, Needham & Company LLC restated a buy rating and issued a $23.00 price objective (up from $20.00) on shares of Cardiovascular Systems in a report on Wednesday, June 29th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $24.14.
Cardiovascular Systems (NASDAQ:CSII) traded up 0.29% on Tuesday, reaching $24.18. 25,198 shares of the company traded hands. The stock’s 50 day moving average price is $23.95 and its 200 day moving average price is $18.41. Cardiovascular Systems has a one year low of $7.50 and a one year high of $25.22. The company’s market capitalization is $806.28 million.
Cardiovascular Systems (NASDAQ:CSII) last announced its quarterly earnings results on Wednesday, August 3rd. The medical device company reported ($0.15) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The business earned $48.50 million during the quarter, compared to analysts’ expectations of $46.01 million. Cardiovascular Systems had a negative net margin of 31.44% and a negative return on equity of 38.39%. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.27) EPS. On average, equities research analysts predict that Cardiovascular Systems will post ($0.62) EPS for the current fiscal year.
In related news, major shareholder Camber Capital Management Llc sold 1,100,000 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Paul A. Koehn sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $22.17, for a total transaction of $88,680.00. Following the sale, the senior vice president now directly owns 102,652 shares in the company, valued at approximately $2,275,794.84. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA increased its position in 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 during the last quarter. Cutler Group LP increased its position in 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 during the last quarter. Strs Ohio acquired a new position in Cardiovascular Systems during the second quarter worth about $194,000. Menta Capital LLC increased its position in 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 during the last quarter. Finally, Weiss Multi Strategy Advisers LLC increased its position in 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 during the last quarter. 68.16% of the stock is currently owned by hedge funds and other institutional investors.
About Cardiovascular Systems
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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