Cardiovascular Systems Inc. (CSII) Upgraded to Buy at Zacks Investment Research
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.”
Other analysts have also recently issued reports about the company. Bank of America Corp. raised Cardiovascular Systems from an underperform rating to a neutral rating in a research report on Thursday, August 4th. Needham & Company LLC raised their price objective on Cardiovascular Systems from $23.00 to $27.00 and gave the company a buy rating in a research report 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 objective for the company in a research report on Monday, August 22nd. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $24.14.
Shares of Cardiovascular Systems (NASDAQ:CSII) opened at 23.89 on Tuesday. Cardiovascular Systems has a 52 week low of $7.50 and a 52 week high of $25.22. The company has a 50-day moving average price of $23.85 and a 200 day moving average price of $18.32. The firm’s market cap is $796.61 million.
Cardiovascular Systems (NASDAQ:CSII) last released its quarterly earnings data on Wednesday, August 3rd. The medical device company reported ($0.15) earnings per share (EPS) for the quarter, beating the Zacks’ 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 company earned $48.50 million during the quarter, compared to analysts’ expectations of $46.01 million. During the same period last year, the firm posted ($0.27) earnings per share. The business’s revenue was up .0% on a year-over-year basis. Analysts expect that Cardiovascular Systems will post ($0.62) EPS for the current fiscal year.
In other Cardiovascular Systems news, major shareholder Camber Capital Management Llc sold 1,100,000 shares of the firm’s stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $23.26, for a total transaction of $25,586,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Paul A. Koehn sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $22.17, for a total value of $88,680.00. Following the transaction, the senior vice president now owns 102,652 shares in the company, valued at approximately $2,275,794.84. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. Cutler Group LP raised 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 period. Strs Ohio bought a new position in Cardiovascular Systems during the second quarter worth approximately $194,000. Menta Capital LLC raised 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 period. Weiss Multi Strategy Advisers LLC raised 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 period. Finally, BlackRock Advisors LLC raised its position in Cardiovascular Systems by 3.3% in the second quarter. BlackRock Advisors LLC now owns 15,089 shares of the medical device company’s stock worth $277,000 after buying an additional 486 shares during the period. Hedge funds and other 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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