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 Tuesday.

According to Zacks, “Cardiovascular Systems has already commenced the process of seeking approval for commercial sales in both Europe and Japan. In the event that the company fails to successfully enter international markets and manage business on a global scale, it might negatively affect Cardiovascular Systems’ financial results. Also, the company witnessed a net loss in the last reported quarter. Moreover, stiff competition adds to the woes. On a positive note, over the past year, Cardiovascular Systems has been trading above the broader industry. Cardiovascular Systems delivered remarkable fourth-quarter 2017 results. 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.”

A number of other brokerages also recently weighed in on CSII. 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. BidaskClub downgraded Cardiovascular Systems from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Raymond James Financial, Inc. assumed coverage on Cardiovascular Systems in a report on Friday, September 22nd. They issued a “market perform” rating for the company. Finally, Citigroup Inc. assumed coverage on Cardiovascular Systems in a report on Thursday, September 21st. They issued a “market perform” rating for the company. Three analysts have rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Cardiovascular Systems presently has a consensus rating of “Hold” and a consensus target price of $34.25.

Cardiovascular Systems (NASDAQ:CSII) traded up 0.11% during midday trading on Tuesday, hitting $28.38. The stock had a trading volume of 113,191 shares. Cardiovascular Systems has a 12-month low of $21.29 and a 12-month high of $33.11. The company’s market cap is $936.28 million. The company has a 50-day moving average price of $29.07 and a 200-day moving average price of $30.29.

Cardiovascular Systems (NASDAQ:CSII) last issued its quarterly earnings results on Wednesday, August 2nd. The medical device company reported $0.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.07. Cardiovascular Systems had a positive return on equity of 0.88% and a negative net margin of 0.87%. The business had revenue of $52.90 million during the quarter, compared to the consensus estimate of $51.98 million. During the same period in the previous year, the business earned ($0.15) EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis. Equities analysts anticipate that Cardiovascular Systems will post $0.01 EPS for the current year.

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In related news, CEO Scott R. Ward sold 5,529 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $30.41, for a total transaction of $168,136.89. Following the completion of the transaction, the chief executive officer now directly owns 282,536 shares in the company, valued at approximately $8,591,919.76. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Laurence L. Betterley sold 4,443 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $30.74, for a total value of $136,577.82. Following the transaction, the chief financial officer now owns 223,557 shares of the company’s stock, valued at $6,872,142.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,065 shares of company stock valued at $1,514,031. 3.30% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA grew its stake in Cardiovascular Systems by 160.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,135 shares of the medical device company’s stock worth $166,000 after buying an additional 3,165 shares during the last quarter. BlueCrest Capital Management Ltd bought a new position in Cardiovascular Systems during the 2nd quarter worth $204,000. Winslow Evans & Crocker Inc. grew its stake in Cardiovascular Systems by 21.3% during the 2nd quarter. Winslow Evans & Crocker Inc. now owns 6,550 shares of the medical device company’s stock worth $210,000 after buying an additional 1,150 shares during the last quarter. Clinton Group Inc. bought a new position in Cardiovascular Systems during the 1st quarter worth $212,000. Finally, Legal & General Group Plc grew its stake in Cardiovascular Systems by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 7,763 shares of the medical device company’s stock worth $249,000 after buying an additional 216 shares during the last quarter. Hedge funds and other institutional investors own 74.70% 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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