Cyberonics Shares Down 6.4% After Earnings Miss (CYBX)
Cyberonics (NASDAQ:CYBX) fell 6.4% during trading on Thursday after the company announced weaker than expected quarterly earnings, American Banking and Market News reports. The company traded as low as $56.52 and last traded at $58.08, with a volume of 682,234 shares. The stock had previously closed at $62.06.
The company reported $0.53 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.55 by $0.02. The company had revenue of $72.00 million for the quarter, compared to the consensus estimate of $74.10 million. During the same quarter last year, the company posted $0.48 earnings per share. Cyberonics’s revenue was up 4.5% compared to the same quarter last year.
A number of analysts have recently weighed in on CYBX shares. Analysts at Sterne Agee initiated coverage on shares of Cyberonics in a research note on Tuesday, June 24th. They set a “buy” rating and a $65.00 price target on the stock. Separately, analysts at Jefferies Group reiterated a “buy” rating on shares of Cyberonics in a research note on Tuesday, June 10th. They now have a $70.00 price target on the stock, down previously from $80.00. Finally, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Cyberonics in a research note on Thursday, June 5th. They now have a $70.00 price target on the stock, down previously from $85.00. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Cyberonics presently has an average rating of “Buy” and a consensus price target of $67.00.
In other Cyberonics news, CEO Daniel Jeffrey Moore sold 7,000 shares of Cyberonics stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $60.74, for a total value of $425,180.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
The stock’s 50-day moving average is $60. and its 200-day moving average is $62.. The company has a market cap of $1.550 billion and a P/E ratio of 31.03.
Cyberonics, Inc (NASDAQ:CYBX) is a medical device company.
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