Spectranetics Corp (SPNC) Receives $35.63 Average Target Price from Analysts
Spectranetics Corp (NASDAQ:SPNC) has been given an average recommendation of “Hold” by the twelve ratings firms that are covering the company, MarketBeat reports. Eleven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $35.63.
Several research firms have recently commented on SPNC. Stifel Nicolaus cut Spectranetics Corp from a “buy” rating to a “hold” rating and upped their price target for the stock from $34.00 to $38.50 in a research note on Wednesday, August 9th. Needham & Company LLC cut Spectranetics Corp from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. BidaskClub cut Spectranetics Corp from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 10th. Canaccord Genuity cut Spectranetics Corp from a “buy” rating to a “hold” rating and increased their price objective for the stock from $37.00 to $38.50 in a research report on Monday, July 10th. Finally, Guggenheim cut Spectranetics Corp from a “buy” rating to a “neutral” rating in a research report on Friday, August 4th.
A number of large investors have recently added to or reduced their stakes in SPNC. Alpine Associates Management Inc. acquired a new stake in Spectranetics Corp in the second quarter valued at $73,082,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Spectranetics Corp in the second quarter valued at $20,643,000. OppenheimerFunds Inc. grew its holdings in Spectranetics Corp by 82.6% in the first quarter. OppenheimerFunds Inc. now owns 1,141,402 shares of the medical equipment provider’s stock valued at $33,243,000 after purchasing an additional 516,260 shares during the last quarter. Sand Grove Capital Management LLP acquired a new stake in Spectranetics Corp in the second quarter valued at $19,790,000. Finally, ARP Americas LLC acquired a new stake in Spectranetics Corp in the second quarter valued at $15,266,000. Hedge funds and other institutional investors own 91.95% of the company’s stock.
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Spectranetics Corp (NASDAQ SPNC) remained flat at $38.45 during trading on Tuesday. 1,728,937 shares of the company traded hands. Spectranetics Corp has a 12 month low of $19.80 and a 12 month high of $38.55. The firm’s 50 day moving average price is $37.28 and its 200-day moving average price is $30.10.
Spectranetics Corp (NASDAQ:SPNC) last released its quarterly earnings results on Thursday, August 3rd. The medical equipment provider reported ($0.56) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.27) by ($0.29). Spectranetics Corp had a negative return on equity of 194.18% and a negative net margin of 32.93%. The company had revenue of $74.71 million for the quarter, compared to analysts’ expectations of $73.82 million. During the same quarter last year, the company earned ($0.35) EPS. Spectranetics Corp’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities analysts anticipate that Spectranetics Corp will post ($1.16) EPS for the current year.
About Spectranetics Corp
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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