Cardiovascular Systems (CSII) Downgraded by Needham & Company LLC

Cardiovascular Systems (NASDAQ:CSII) was downgraded by analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a note issued to investors on Friday, MarketBeat.com reports. They presently have a $23.00 target price on the medical device company’s stock, down from their previous target price of $33.11. Needham & Company LLC’s price objective indicates a potential downside of 7.00% from the stock’s previous close.

Several other brokerages have also issued reports on CSII. BidaskClub lowered shares of Cardiovascular Systems from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. Zacks Investment Research lowered shares of Cardiovascular Systems from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Raymond James Financial began coverage on shares of Cardiovascular Systems in a research note on Friday, September 22nd. They issued a “market perform” rating on the stock. Finally, Citigroup assumed coverage on shares of Cardiovascular Systems in a research note on Thursday, September 21st. They issued a “market perform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $31.50.

Shares of Cardiovascular Systems (CSII) traded down $0.26 during mid-day trading on Friday, reaching $24.73. 250,800 shares of the company’s stock traded hands, compared to its average volume of 269,691. The company has a quick ratio of 3.83, a current ratio of 4.30 and a debt-to-equity ratio of 0.18. Cardiovascular Systems has a 12-month low of $23.00 and a 12-month high of $33.11. The firm has a market cap of $852.70, a price-to-earnings ratio of 1,249.50 and a beta of 2.52.

Cardiovascular Systems (NASDAQ:CSII) last issued its quarterly earnings results on Wednesday, October 25th. The medical device company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. Cardiovascular Systems had a negative net margin of 0.93% and a positive return on equity of 0.74%. The firm had revenue of $49.70 million for the quarter, compared to analyst estimates of $51.00 million. During the same period in the previous year, the business earned ($0.06) EPS. The company’s revenue was down .2% compared to the same quarter last year. equities analysts expect that Cardiovascular Systems will post -0.05 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in CSII. New York State Common Retirement Fund grew its position in shares of Cardiovascular Systems by 346.8% in the 2nd quarter. New York State Common Retirement Fund now owns 443,304 shares of the medical device company’s stock valued at $14,288,000 after acquiring an additional 344,082 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Cardiovascular Systems by 132.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 469,978 shares of the medical device company’s stock worth $13,230,000 after buying an additional 267,988 shares during the period. Fred Alger Management Inc. bought a new stake in shares of Cardiovascular Systems during the 2nd quarter worth about $7,327,000. Vanguard Group Inc. boosted its holdings in shares of Cardiovascular Systems by 12.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,864,604 shares of the medical device company’s stock worth $60,096,000 after buying an additional 208,248 shares during the period. Finally, Gabelli Funds LLC boosted its holdings in shares of Cardiovascular Systems by 223.1% during the 3rd quarter. Gabelli Funds LLC now owns 218,500 shares of the medical device company’s stock worth $6,151,000 after buying an additional 150,880 shares during the period. 75.05% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Cardiovascular Systems (NASDAQ:CSII)

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