Cardiovascular Systems, Inc. (CSII) Cut to “Sell” at Zacks Investment Research
Cardiovascular Systems, Inc. (NASDAQ:CSII) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.
According to Zacks, “Cardiovascular Systems delivered remarkable fourth-quarter 2017 results, with earnings and revenues beating the Zacks Consensus Estimate. The company’s lower operating expenses drove the year-over-year improvement in earnings. Strong revenue performance also contributed to the upside in earnings. 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. The one-year results from LIBERTY 360 study is to be presented at the 2017 Amputation Prevention Symposium (AMP). In the majority of the last six months, Cardiovascular Systems has been trading above the broader industry. However, the company incurred a net loss of $1.8 million in fiscal 2017. Stiff competition adds to the woes.”
Several other brokerages also recently issued reports on CSII. BidaskClub upgraded Cardiovascular Systems from a “hold” rating to a “buy” rating in a report on Friday, June 9th. Bank of America Corporation downgraded Cardiovascular Systems from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 21st. Needham & Company LLC reiterated a “buy” rating and issued a $37.00 price target (up from $32.00) on shares of Cardiovascular Systems in a report on Friday, July 14th. Finally, TheStreet upgraded Cardiovascular Systems from a “d” rating to a “c-” rating in a report on Thursday, May 4th. Three analysts have rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $33.83.
Cardiovascular Systems (NASDAQ CSII) traded up 1.33% on Friday, reaching $30.55. The company had a trading volume of 204,998 shares. Cardiovascular Systems has a 52-week low of $19.37 and a 52-week high of $33.11. The firm’s market capitalization is $999.93 million. The stock’s 50-day moving average price is $31.84 and its 200 day moving average price is $29.37.
Cardiovascular Systems (NASDAQ:CSII) last announced its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.07. Cardiovascular Systems had a positive return on equity of 0.89% and a negative net margin of 0.87%. The firm had revenue of $52.90 million during the quarter, compared to the consensus estimate of $51.98 million. During the same period in the prior year, the firm earned ($0.15) EPS. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, equities analysts anticipate that Cardiovascular Systems will post $0.06 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of the company. Cortina Asset Management LLC bought a new position in shares of Cardiovascular Systems during the first quarter valued at approximately $24,329,000. MARSHALL WACE ASIA Ltd bought a new position in shares of Cardiovascular Systems during the first quarter valued at approximately $8,663,000. Marshall Wace North America L.P. bought a new position in shares of Cardiovascular Systems during the first quarter valued at approximately $8,663,000. Vanguard Group Inc. boosted its position in shares of Cardiovascular Systems by 22.7% in the first quarter. Vanguard Group Inc. now owns 1,656,356 shares of the medical device company’s stock valued at $46,834,000 after buying an additional 305,953 shares during the last quarter. Finally, Brown Capital Management LLC bought a new position in shares of Cardiovascular Systems during the first quarter valued at approximately $7,676,000. 75.63% of the stock is currently owned by institutional investors and hedge funds.
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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