The Spectranetics Corp. (SPNC) Sets New 12-Month High at $24.50
Shares of The Spectranetics Corp. (NASDAQ:SPNC) reached a new 52-week high during trading on Wednesday . The company traded as high as $24.50 and last traded at $24.06, with a volume of 432,391 shares changing hands. The stock had previously closed at $23.09.
A number of analysts recently commented on SPNC shares. Canaccord Genuity set a $26.00 price objective on The Spectranetics Corp. and gave the company a “buy” rating in a research report on Thursday, July 21st. Zacks Investment Research lowered The Spectranetics Corp. from a “hold” rating to a “sell” rating in a report on Saturday, April 30th. Needham & Company LLC boosted their price target on The Spectranetics Corp. from $21.00 to $27.00 and gave the company a “strong-buy” rating in a report on Friday, July 29th. Guggenheim started coverage on The Spectranetics Corp. in a report on Wednesday, June 8th. They set a “buy” rating and a $23.00 price target for the company. Finally, Stifel Nicolaus reissued a “buy” rating on shares of The Spectranetics Corp. in a report on Monday, June 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The Spectranetics Corp. currently has an average rating of “Buy” and an average target price of $23.25.
The firm has a 50-day moving average price of $20.01 and a 200-day moving average price of $16.67. The firm’s market capitalization is $1.01 billion.
The Spectranetics Corp. (NASDAQ:SPNC) last posted its quarterly earnings data on Thursday, July 28th. The company reported ($0.26) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.28) by $0.02. During the same period in the previous year, the business earned ($0.22) EPS. The business earned $67.70 million during the quarter, compared to analyst estimates of $65.18 million. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, equities research analysts forecast that The Spectranetics Corp. will post ($1.11) EPS for the current year.
A number of institutional investors have recently modified their holdings of SPNC. California State Teachers Retirement System raised its position in shares of The Spectranetics Corp. by 1.9% in the fourth quarter. California State Teachers Retirement System now owns 78,596 shares of the company’s stock worth $1,184,000 after buying an additional 1,478 shares during the period. OppenheimerFunds Inc. raised its position in shares of The Spectranetics Corp. by 2.8% in the fourth quarter. OppenheimerFunds Inc. now owns 835,488 shares of the company’s stock worth $12,582,000 after buying an additional 22,980 shares during the period. Finally, Morgan Stanley raised its position in shares of The Spectranetics Corp. by 343.2% in the fourth quarter. Morgan Stanley now owns 74,094 shares of the company’s stock worth $1,116,000 after buying an additional 57,376 shares during the period.
The Spectranetics Corporation develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are used to cross, prepare and treat arterial blockages in the heart and legs and to manage pacemaker and defibrillator cardiac leads.
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