Zacks Investment Research upgraded shares of Cardiovascular Systems, Inc. (NASDAQ:CSII) from a sell rating to a hold rating in a research report released on Monday.
According to Zacks, “Cardiovascular Systems exited the first quarter of fiscal 2018 on a mixed note. The earnings compared favorably with the Zacks Consensus Estimate while revenues missed the same. Fiscal first-quarter revenues declined on a year-over-year basis owing to the impact of hurricanes. The company incurred net loss in the reported first quarter. Also, intense competition adds to the woes. On a positive note, despite the decline in revenues, the reaffirmed revenue guidance for fiscal 2018 buoys optimism. The reported net loss in the quarter was narrower than the guided range. Also, the expansion in gross margin was impressive. To note, the company is currently focusing on product innovation through R&D investments. During the quarter, the company released one-year positive data from its LIBERTY 360° clinical study in a late-breaking presentation at the 2017 Amputation Prevention Symposium (AMP) in Chicago.”
CSII has been the topic of a number of other research reports. Citigroup Inc. assumed coverage on Cardiovascular Systems in a report on Thursday, September 21st. They set a market perform rating on the stock. Raymond James Financial, Inc. assumed coverage on Cardiovascular Systems in a report on Friday, September 22nd. They set a market perform rating on the stock. Needham & Company LLC reaffirmed a buy rating and set a $36.00 price objective (down previously from $37.00) on shares of Cardiovascular Systems in a report on Thursday, October 26th. Finally, BidaskClub lowered Cardiovascular Systems from a sell rating to a strong sell rating in a report on Friday, August 18th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Cardiovascular Systems currently has a consensus rating of Hold and an average price target of $38.00.
Shares of Cardiovascular Systems (NASDAQ CSII) traded up $0.31 during mid-day trading on Monday, reaching $23.74. The company had a trading volume of 239,000 shares, compared to its average volume of 273,950. Cardiovascular Systems has a 52-week low of $23.00 and a 52-week high of $33.11. The firm has a market capitalization of $799.47, a price-to-earnings ratio of 1,171.50 and a beta of 2.53. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.30 and a quick ratio of 3.83.
Cardiovascular Systems (NASDAQ:CSII) last announced its quarterly earnings data on Wednesday, October 25th. The medical device company reported ($0.06) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.02. Cardiovascular Systems had a positive return on equity of 0.74% and a negative net margin of 0.93%. The firm had revenue of $49.70 million for the quarter, compared to analyst estimates of $51.00 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. Cardiovascular Systems’s quarterly revenue was down .2% on a year-over-year basis. equities research analysts anticipate that Cardiovascular Systems will post -0.05 earnings per share for the current year.
In other Cardiovascular Systems news, Director Edward M. Brown sold 20,000 shares of the business’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $29.16, for a total transaction of $583,200.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Edward M. Brown sold 13,031 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $29.09, for a total value of $379,071.79. The disclosure for this sale can be found here. 3.30% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Jennison Associates LLC lifted its position in shares of Cardiovascular Systems by 22.7% in the second quarter. Jennison Associates LLC now owns 12,567 shares of the medical device company’s stock valued at $405,000 after acquiring an additional 2,323 shares in the last quarter. Parametric Portfolio Associates LLC lifted its position in shares of Cardiovascular Systems by 26.6% in the first quarter. Parametric Portfolio Associates LLC now owns 33,672 shares of the medical device company’s stock valued at $952,000 after acquiring an additional 7,072 shares in the last quarter. Timpani Capital Management LLC lifted its position in shares of Cardiovascular Systems by 24.2% in the second quarter. Timpani Capital Management LLC now owns 116,397 shares of the medical device company’s stock valued at $3,751,000 after acquiring an additional 22,649 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Cardiovascular Systems by 12.6% in the second quarter. Vanguard Group Inc. now owns 1,864,604 shares of the medical device company’s stock valued at $60,096,000 after acquiring an additional 208,248 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Cardiovascular Systems by 51.9% in the first quarter. Alliancebernstein L.P. now owns 76,580 shares of the medical device company’s stock valued at $2,165,000 after acquiring an additional 26,160 shares in the last quarter. Institutional investors own 72.09% 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 artery diseases, including those with arterial calcium. The Company develops an orbital atherectomy technology for both peripheral and coronary commercial applications.
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