Zacks Investment Research upgraded shares of Cardiovascular Systems, Inc. (NASDAQ:CSII) from a sell rating to a hold rating in a 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.”
Several other brokerages also recently commented on CSII. Citigroup Inc. began coverage on Cardiovascular Systems in a report on Thursday, September 21st. They set a market perform rating on the stock. Needham & Company LLC reiterated a buy rating and set a $37.00 price target on shares of Cardiovascular Systems in a report on Thursday, October 12th. Raymond James Financial, Inc. began coverage on Cardiovascular Systems in a report on Friday, September 22nd. They set a market perform rating on the stock. Finally, BidaskClub downgraded Cardiovascular Systems from a sell rating to a strong sell rating in a report on Friday, August 18th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $35.33.
Cardiovascular Systems (CSII) traded down $0.01 during trading hours on Monday, reaching $23.72. The company had a trading volume of 192,900 shares, compared to its average volume of 274,823. Cardiovascular Systems has a 12-month low of $23.00 and a 12-month high of $33.11. The firm has a market capitalization of $809.70, a P/E ratio of 1,186.50 and a beta of 2.53. The company has a quick ratio of 3.83, a current ratio of 4.30 and a debt-to-equity ratio of 0.18.
Cardiovascular Systems (NASDAQ:CSII) last released its quarterly earnings data on Wednesday, October 25th. The medical device company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $51.00 million. During the same quarter in the prior year, the company posted ($0.06) earnings per share. The firm’s revenue was down .2% on a year-over-year basis. equities analysts predict that Cardiovascular Systems will post -0.05 earnings per share for the current year.
In other news, General Counsel Alexander Rosenstein sold 979 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $30.71, for a total value 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Edward M. Brown sold 20,000 shares of the firm’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 disclosure for this sale can be found here. In the last 90 days, insiders sold 51,065 shares of company stock worth $1,514,031. 3.30% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in CSII. BNP Paribas Arbitrage SA grew its stake in shares of Cardiovascular Systems by 160.7% in the second quarter. BNP Paribas Arbitrage SA now owns 5,135 shares of the medical device company’s stock worth $166,000 after acquiring an additional 3,165 shares during the last quarter. BlueCrest Capital Management Ltd acquired a new stake in shares of Cardiovascular Systems in the second quarter worth $204,000. Winslow Evans & Crocker Inc. grew its stake in shares of Cardiovascular Systems by 21.3% in the second quarter. Winslow Evans & Crocker Inc. now owns 6,550 shares of the medical device company’s stock worth $210,000 after acquiring an additional 1,150 shares during the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of Cardiovascular Systems by 809.3% in the first quarter. UBS Asset Management Americas Inc. now owns 8,393 shares of the medical device company’s stock worth $237,000 after acquiring an additional 7,470 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Cardiovascular Systems by 2.9% in the second quarter. Legal & General Group Plc now owns 7,763 shares of the medical device company’s stock worth $249,000 after purchasing an additional 216 shares during the period. Institutional investors and hedge funds own 72.09% 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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