Cardiovascular Systems, Inc. (NASDAQ:CSII) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “Cardiovascular Systems has already commenced the process of seeking approval for commercial sales in both Europe and Japan. In the event that the company fails to successfully enter international markets and manage business on a global scale, it might negatively affect Cardiovascular Systems’ financial results. Also, the company witnessed a net loss in the last reported quarter. Moreover, stiff competition adds to the woes. On a positive note, over the past year, Cardiovascular Systems has been trading above the broader industry. Cardiovascular Systems delivered remarkable fourth-quarter 2017 results. Moreover, the improvement in margins is encouraging. Overall, the company’s’ fiscal 2017 performance has been impressive. The company’s fiscal 2018 guidance also instils confidence in investors. It received FDA approval for radial access Diamondback 360 Peripheral Orbital Atherectomy Device.”
Other equities research analysts have also recently issued reports about the company. Needham & Company LLC restated a “buy” rating and set a $37.00 target price (up from $32.00) on shares of Cardiovascular Systems in a report on Friday, July 14th. BidaskClub cut Cardiovascular Systems from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Raymond James Financial, Inc. started coverage on Cardiovascular Systems in a report on Friday, September 22nd. They set a “market perform” rating for the company. Citigroup Inc. started coverage on Cardiovascular Systems in a report on Thursday, September 21st. They set a “market perform” rating for the company. Finally, Bank of America Corporation cut Cardiovascular Systems from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 21st. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $34.25.
Cardiovascular Systems (NASDAQ CSII) traded up 0.56% during mid-day trading on Tuesday, reaching $28.51. The company had a trading volume of 58,937 shares. The stock has a 50 day moving average price of $29.08 and a 200-day moving average price of $30.29. Cardiovascular Systems has a 12-month low of $21.29 and a 12-month high of $33.11. The stock’s market capitalization is $940.57 million.
Cardiovascular Systems (NASDAQ:CSII) last issued its earnings results on Wednesday, August 2nd. The medical device company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.07. The company had revenue of $52.90 million during the quarter, compared to analysts’ expectations of $51.98 million. Cardiovascular Systems had a positive return on equity of 0.88% and a negative net margin of 0.87%. Cardiovascular Systems’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.15) EPS. Equities analysts anticipate that Cardiovascular Systems will post $0.01 EPS for the current fiscal year.
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In other Cardiovascular Systems news, Director Edward M. Brown sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $29.16, for a total value of $583,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott R. Ward sold 5,529 shares of the stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $30.41, for a total value of $168,136.89. Following the completion of the sale, the chief executive officer now owns 282,536 shares of the company’s stock, valued at approximately $8,591,919.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,065 shares of company stock valued at $1,514,031. Company insiders own 3.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. WFG Advisors LP lifted its holdings in Cardiovascular Systems by 266.1% in the 2nd quarter. WFG Advisors LP now owns 47,058 shares of the medical device company’s stock worth $1,517,000 after buying an additional 34,203 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Cardiovascular Systems in the 2nd quarter worth approximately $369,000. The Manufacturers Life Insurance Company lifted its holdings in Cardiovascular Systems by 1.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,114 shares of the medical device company’s stock worth $809,000 after buying an additional 299 shares during the period. BlueCrest Capital Management Ltd purchased a new stake in Cardiovascular Systems in the 2nd quarter worth approximately $204,000. Finally, State Street Corp lifted its holdings in Cardiovascular Systems by 0.9% in the 2nd quarter. State Street Corp now owns 677,462 shares of the medical device company’s stock worth $21,828,000 after buying an additional 6,074 shares during the period. Institutional investors and hedge funds own 74.70% of the company’s stock.
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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