Cardiovascular Systems (CSII) Cut to Hold at Zacks Investment Research

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Cardiovascular Systems (NASDAQ:CSII) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

According to Zacks, “Cardiovascular Systems exited second-quarter fiscal 2019 with earnings beat and in line revenues. The company witnessed year-over-year increase in the Coronary and peripheral device segments. Cardiovascular Systems continued to see higher revenues from Atherectomy franchises, growing international sales of OAS and top-line contributions from the emerging product pipeline. We are also upbeat about the company’s recent announcement of the first global use of Diamondback 360 Coronary OAS in UAE. Further, the company is progressing with the international distribution agreement with OrbusNeich to sell its coronary and peripheral OAS outside the United States and Japan. In the past three months, Cardiovascular Systems has outperformed the industry. On the flip side, the company faces cut-throat competition in the niche space. Further, its failure to enter global markets might affect results. “

A number of other equities research analysts have also recently weighed in on CSII. BidaskClub raised Cardiovascular Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 5th. ValuEngine raised Cardiovascular Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, March 5th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company. Cardiovascular Systems currently has a consensus rating of “Buy” and an average price target of $47.50.

Shares of CSII traded up $0.29 during mid-day trading on Friday, reaching $40.76. The company had a trading volume of 16,117 shares, compared to its average volume of 523,618. Cardiovascular Systems has a twelve month low of $20.89 and a twelve month high of $42.64. The company has a current ratio of 4.38, a quick ratio of 3.88 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.41 billion, a PE ratio of 815.20 and a beta of 2.15.

Cardiovascular Systems (NASDAQ:CSII) last issued its earnings results on Wednesday, January 30th. The medical device company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.05. Cardiovascular Systems had a return on equity of 1.28% and a net margin of 0.74%. The business had revenue of $60.21 million during the quarter, compared to analysts’ expectations of $59.66 million. On average, sell-side analysts forecast that Cardiovascular Systems will post -0.1 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in CSII. Partner Fund Management L.P. boosted its position in Cardiovascular Systems by 57.2% in the 4th quarter. Partner Fund Management L.P. now owns 1,599,867 shares of the medical device company’s stock valued at $45,580,000 after buying an additional 581,950 shares during the last quarter. Norges Bank bought a new position in Cardiovascular Systems in the 4th quarter valued at $14,258,000. BlackRock Inc. boosted its position in Cardiovascular Systems by 12.5% in the 4th quarter. BlackRock Inc. now owns 2,901,471 shares of the medical device company’s stock valued at $82,663,000 after buying an additional 322,994 shares during the last quarter. Teachers Advisors LLC boosted its position in Cardiovascular Systems by 420.6% in the 3rd quarter. Teachers Advisors LLC now owns 317,801 shares of the medical device company’s stock valued at $12,439,000 after buying an additional 256,759 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. bought a new position in Cardiovascular Systems in the 3rd quarter valued at $8,766,000. Hedge funds and other institutional investors own 83.11% of the company’s stock.

Cardiovascular Systems Company Profile

Cardiovascular Systems, Inc is a medical device company, which engages in the development and commercialization of solutions for treating vascular and coronary disease. It offers orbital atherectomy systems for both peripheral and coronary commercial applications. Its products are primarily catheter-based platforms capable of treating a range of vessel sizes and plaque types.

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