Needham & Company LLC reaffirmed their buy rating on shares of Cardiovascular Systems, Inc. (NASDAQ:CSII) in a report released on Thursday. The firm currently has a $37.00 target price on the medical device company’s stock.
Other analysts have also issued reports about the stock. Bank of America Corporation lowered shares of Cardiovascular Systems from a neutral rating to an underperform rating in a research report on Wednesday, June 21st. BidaskClub lowered shares of Cardiovascular Systems from a hold rating to a sell rating in a research report on Tuesday, August 1st. Raymond James Financial, Inc. started coverage on shares of Cardiovascular Systems in a research report on Friday, September 22nd. They set a market perform rating on the stock. Citigroup Inc. started coverage on shares of Cardiovascular Systems in a research report on Thursday, September 21st. They set a market perform rating on the stock. Finally, Zacks Investment Research lowered shares of Cardiovascular Systems from a hold rating to a sell rating in a research report on Tuesday, October 10th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $34.25.
Shares of Cardiovascular Systems (NASDAQ CSII) opened at 27.75 on Thursday. Cardiovascular Systems has a 1-year low of $21.29 and a 1-year high of $33.11. The company’s 50-day moving average is $28.99 and its 200 day moving average is $30.29. The firm’s market cap is $915.50 million.
Cardiovascular Systems (NASDAQ:CSII) last posted its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.07. The company had revenue of $52.90 million for the quarter, compared to analyst estimates of $51.98 million. Cardiovascular Systems had a negative net margin of 0.87% and a positive return on equity of 0.88%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period last year, the business posted ($0.15) EPS. On average, equities research analysts expect that Cardiovascular Systems will post $0.01 EPS for the current fiscal year.
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In other news, COO Kevin J. Kenny sold 4,733 shares of Cardiovascular Systems stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $30.74, for a total transaction of $145,492.42. Following the sale, the chief operating officer now directly owns 153,339 shares in the company, valued at approximately $4,713,640.86. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Alexander Rosenstein sold 979 shares of Cardiovascular Systems stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $30.71, for a total transaction of $30,065.09. Following the sale, the general counsel now owns 52,296 shares in the company, valued at $1,606,010.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,065 shares of company stock worth $1,514,031. 3.30% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in CSII. New York State Common Retirement Fund lifted its holdings in Cardiovascular Systems by 346.8% during the 2nd quarter. New York State Common Retirement Fund now owns 443,304 shares of the medical device company’s stock valued at $14,288,000 after purchasing an additional 344,082 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Cardiovascular Systems by 22.7% during the 1st quarter. Vanguard Group Inc. now owns 1,656,356 shares of the medical device company’s stock valued at $46,834,000 after purchasing an additional 305,953 shares during the last quarter. Fred Alger Management Inc. bought a new position in Cardiovascular Systems during the 2nd quarter valued at about $7,327,000. Prudential Financial Inc. bought a new position in Cardiovascular Systems during the 1st quarter valued at about $3,861,000. Finally, State Street Corp lifted its holdings in Cardiovascular Systems by 14.2% during the 1st quarter. State Street Corp now owns 671,388 shares of the medical device company’s stock valued at $18,982,000 after purchasing an additional 83,602 shares during the last quarter. 74.50% of the stock is owned by hedge funds and other institutional investors.
About Cardiovascular Systems
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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