The Spectranetics Corporation (NASDAQ:SPNC) was downgraded by Needham & Company LLC from a “buy” rating to a “hold” rating in a research report issued on Friday, MarketBeat.com reports.

The analysts wrote, “SPNC beat consensus revenue and missed consensus EPS in 2Q17. Management did not hold a conference call or update its annual guidance since SPNC is being acquired by Philips; the deal is expected to close during 3Q17. Vascular Intervention sales missed our estimate and had growth similar to 1Q17 while Lead Management sales beat our estimate and also had growth similar to 1Q17.””

A number of other research firms also recently weighed in on SPNC. Royal Bank Of Canada restated a “hold” rating and set a $27.00 target price on shares of The Spectranetics Corporation in a research report on Monday, July 24th. Raymond James Financial, Inc. restated a “market perform” rating and set a $28.00 target price on shares of The Spectranetics Corporation in a research report on Tuesday, July 25th. Stifel Nicolaus downgraded The Spectranetics Corporation from a “buy” rating to a “hold” rating in a research report on Thursday. BidaskClub upgraded The Spectranetics Corporation from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 1st. Finally, Canaccord Genuity downgraded The Spectranetics Corporation from a “buy” rating to a “hold” rating and boosted their target price for the stock from $37.00 to $38.50 in a research report on Monday, July 10th. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $34.14.

Shares of The Spectranetics Corporation (NASDAQ:SPNC) remained flat at $38.50 on Friday. 1,085,332 shares of the stock were exchanged. The firm’s market cap is $1.67 billion. The Spectranetics Corporation has a 52-week low of $19.80 and a 52-week high of $38.55. The stock has a 50 day moving average of $35.73 and a 200-day moving average of $29.59.

The Spectranetics Corporation (NASDAQ:SPNC) last issued its quarterly earnings data on Thursday, August 3rd. The medical equipment provider reported ($0.56) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.27) by $0.29. The business had revenue of $74.71 million during the quarter, compared to the consensus estimate of $73.82 million. The Spectranetics Corporation had a negative net margin of 21.38% and a negative return on equity of 63.11%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.35) EPS. Analysts anticipate that The Spectranetics Corporation will post ($1.14) earnings per share for the current year.

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Several large investors have recently made changes to their positions in the company. AQR Capital Management LLC boosted its stake in shares of The Spectranetics Corporation by 108.4% in the fourth quarter. AQR Capital Management LLC now owns 18,458 shares of the medical equipment provider’s stock worth $452,000 after buying an additional 9,600 shares during the period. Norges Bank bought a new stake in shares of The Spectranetics Corporation during the fourth quarter worth approximately $1,141,000. Teachers Advisors LLC boosted its stake in shares of The Spectranetics Corporation by 3.6% in the fourth quarter. Teachers Advisors LLC now owns 79,301 shares of the medical equipment provider’s stock worth $1,943,000 after buying an additional 2,735 shares during the period. Fox Run Management L.L.C. bought a new stake in shares of The Spectranetics Corporation during the first quarter worth approximately $277,000. Finally, Perkins Capital Management Inc. bought a new stake in shares of The Spectranetics Corporation during the first quarter worth approximately $201,000. 90.88% of the stock is owned by institutional investors and hedge funds.

About The Spectranetics Corporation

The Spectranetics Corporation develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are used to cross, prepare and treat arterial blockages in the heart and legs and to manage pacemaker and defibrillator cardiac leads.

Analyst Recommendations for The Spectranetics Corporation (NASDAQ:SPNC)

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