Needham & Company LLC Reiterates “Buy” Rating for Cardiovascular Systems, Inc. (CSII)
Cardiovascular Systems, Inc. (NASDAQ:CSII)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a report issued on Thursday. They currently have a $37.00 target price on the medical device company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 29.87% from the stock’s previous close.
CSII has been the topic of a number of other research reports. BidaskClub lowered shares of Cardiovascular Systems from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Citigroup Inc. started coverage on shares of Cardiovascular Systems in a research report on Thursday, September 21st. They set a “market perform” rating on the stock. Raymond James Financial, Inc. started coverage on shares of Cardiovascular Systems in a research report on Friday, September 22nd. They set a “market perform” rating on the stock. Zacks Investment Research lowered shares of Cardiovascular Systems from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Bank of America Corporation lowered shares of Cardiovascular Systems from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 21st. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $34.25.
Cardiovascular Systems (NASDAQ:CSII) last announced its earnings results on Wednesday, August 2nd. The medical device company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.07. Cardiovascular Systems had a negative net margin of 0.87% and a positive return on equity of 0.88%. The firm had revenue of $52.90 million for the quarter, compared to analyst estimates of $51.98 million. During the same quarter in the prior year, the business posted ($0.15) EPS. The business’s revenue was up 9.1% compared to the same quarter last year.
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In related news, CEO Scott R. Ward sold 5,529 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $30.41, for a total transaction of $168,136.89. Following the sale, the chief executive officer now owns 282,536 shares in the company, valued at approximately $8,591,919.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Alexander Rosenstein sold 979 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $30.71, for a total transaction of $30,065.09. Following the sale, the general counsel now owns 52,296 shares in the company, valued at approximately $1,606,010.16. The disclosure for this sale can be found here. Insiders have sold a total of 51,065 shares of company stock worth $1,514,031 in the last quarter. 3.30% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. WFG Advisors LP boosted its position in shares of Cardiovascular Systems by 266.1% during the 2nd quarter. WFG Advisors LP now owns 47,058 shares of the medical device company’s stock worth $1,517,000 after acquiring an additional 34,203 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Cardiovascular Systems in the 2nd quarter valued at approximately $369,000. The Manufacturers Life Insurance Company lifted its stake in Cardiovascular Systems by 1.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,114 shares of the medical device company’s stock valued at $809,000 after purchasing an additional 299 shares during the last quarter. BlueCrest Capital Management Ltd bought a new position in Cardiovascular Systems in the 2nd quarter valued at approximately $204,000. Finally, State Street Corp lifted its stake in Cardiovascular Systems by 0.9% in the 2nd quarter. State Street Corp now owns 677,462 shares of the medical device company’s stock valued at $21,828,000 after purchasing an additional 6,074 shares during the last quarter. Institutional investors and hedge funds 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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