New York State Common Retirement Fund lifted its position in ShockWave Medical, Inc. (NASDAQ:SWAV) by 28.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 255,983 shares of the company’s stock after buying an additional 56,587 shares during the quarter. New York State Common Retirement Fund’s holdings in ShockWave Medical were worth $33,344,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the stock. Fiera Capital Corp raised its holdings in shares of ShockWave Medical by 96.1% in the 1st quarter. Fiera Capital Corp now owns 340,506 shares of the company’s stock valued at $44,354,000 after buying an additional 166,863 shares during the period. Vontobel Holding Ltd. purchased a new stake in ShockWave Medical during the 1st quarter worth about $441,000. Banque Cantonale Vaudoise purchased a new stake in ShockWave Medical during the 1st quarter worth about $573,000. Biondo Investment Advisors LLC increased its holdings in ShockWave Medical by 5.2% during the 1st quarter. Biondo Investment Advisors LLC now owns 6,025 shares of the company’s stock worth $785,000 after purchasing an additional 300 shares during the period. Finally, Artisan Partners Limited Partnership increased its holdings in ShockWave Medical by 11.8% during the 1st quarter. Artisan Partners Limited Partnership now owns 870,878 shares of the company’s stock worth $113,441,000 after purchasing an additional 91,833 shares during the period. Hedge funds and other institutional investors own 92.34% of the company’s stock.
In related news, insider Isaac Zacharias sold 4,000 shares of the company’s stock in a transaction dated Monday, March 15th. The stock was sold at an average price of $114.70, for a total value of $458,800.00. Following the completion of the sale, the insider now directly owns 55,050 shares of the company’s stock, valued at approximately $6,314,235. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Frank T. Watkins sold 2,000 shares of the company’s stock in a transaction dated Wednesday, May 19th. The shares were sold at an average price of $159.46, for a total value of $318,920.00. Following the completion of the sale, the director now directly owns 82,860 shares of the company’s stock, valued at $13,212,855.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 163,491 shares of company stock valued at $26,613,364. Insiders own 15.30% of the company’s stock.
ShockWave Medical (NASDAQ:SWAV) last announced its earnings results on Monday, May 10th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.26). The firm had revenue of $31.90 million during the quarter, compared to analyst estimates of $31.33 million. ShockWave Medical had a negative net margin of 83.47% and a negative return on equity of 30.92%. The firm’s revenue for the quarter was up 109.9% compared to the same quarter last year. During the same period last year, the company earned ($0.59) earnings per share. Analysts forecast that ShockWave Medical, Inc. will post -1.59 EPS for the current year.
Several equities research analysts have weighed in on SWAV shares. Morgan Stanley upped their price target on ShockWave Medical from $145.00 to $152.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 11th. Piper Sandler upgraded ShockWave Medical from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $134.00 to $165.00 in a report on Tuesday, May 11th. Wells Fargo & Company upped their price target on ShockWave Medical from $161.00 to $189.00 and gave the stock an “overweight” rating in a report on Monday. Zacks Investment Research upgraded ShockWave Medical from a “sell” rating to a “hold” rating and set a $172.00 price objective on the stock in a report on Wednesday, April 21st. Finally, Canaccord Genuity increased their price objective on ShockWave Medical from $149.00 to $202.00 and gave the company a “buy” rating in a report on Tuesday, May 11th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $176.67.
ShockWave Medical Company Profile
ShockWave Medical, Inc, a medical device company, engages in developing and commercializing intravascular lithotripsy technology to treat calcified plaque in patients with peripheral vascular, coronary vascular, and heart valve diseases worldwide. The company offers M5 catheters for treating above-the-knee peripheral artery disease; C2 catheters for treating coronary artery disease; and S4 catheters for treating below-the-knee peripheral artery disease.
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