Cardiovascular Systems Inc. (NASDAQ:CSII) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $27.00 price objective on the medical device company’s stock. Zacks Investment Research’s target price indicates a potential upside of 13.66% from the company’s previous close.

According to Zacks, “Cardiovascular Systems’ fiscal fourth-quarter's reported loss was narrower than the Zacks Consensus Estimate. The top line also beat the mark. The company stands to gain from several favorable trends in the peripheral artery diseases as well coronary artery disease market spaces. Moreover, management is optimistic about the engineering enhancements and higher production volumes which may continue to reduce unit cost for the company in the quarters ahead. We are currently looking forward to the company’s recent submission of Shonin application in Japan for approval of second-generation coronary device. Besides, the completion of a settlement agreement with the Department of Justice is an upside. On the flip side, the company operates in the competitive medical device industry, which gets significantly affected by new product introductions and other activities of industry participants.”

A number of other research firms have also issued reports on CSII. Leerink Swann raised shares of Cardiovascular Systems from a “market perform” rating to an “outperform” rating and set a $30.00 price target for the company in a research report on Monday, August 22nd. Bank of America Corp. raised shares of Cardiovascular Systems from an “underperform” rating to a “neutral” rating in a research report on Thursday, August 4th. Finally, Needham & Company LLC raised their price objective on shares of Cardiovascular Systems from $23.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $24.14.

Analyst Recommendations for Cardiovascular Systems (NASDAQ:CSII)

Cardiovascular Systems (NASDAQ:CSII) traded up 0.32% on Tuesday, reaching $23.83. 92,678 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $23.80 and a 200 day moving average of $18.22. The stock’s market capitalization is $794.61 million. Cardiovascular Systems has a 12 month low of $7.50 and a 12 month high of $25.22.

Cardiovascular Systems (NASDAQ:CSII) last posted its quarterly earnings results on Wednesday, August 3rd. The medical device company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. The business earned $48.50 million during the quarter, compared to analyst estimates of $46.01 million. Cardiovascular Systems had a negative net margin of 31.44% and a negative return on equity of 38.39%. The firm’s revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.27) earnings per share. Equities analysts predict that Cardiovascular Systems will post ($0.62) earnings per share for the current fiscal year.

In other news, major shareholder Camber Capital Management Llc sold 1,100,000 shares of Cardiovascular Systems stock in a transaction that occurred on Tuesday, September 20th. The shares were sold at an average price of $23.26, for a total value of $25,586,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Paul A. Koehn sold 5,969 shares of Cardiovascular Systems stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $25.02, for a total transaction of $149,344.38. Following the completion of the transaction, the senior vice president now directly owns 73,321 shares in the company, valued at approximately $1,834,491.42. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in CSII. Cutler Group LP raised its position in Cardiovascular Systems by 4.7% in the second quarter. Cutler Group LP now owns 7,787 shares of the medical device company’s stock worth $143,000 after buying an additional 350 shares in the last quarter. Strs Ohio bought a new stake in shares of Cardiovascular Systems during the second quarter valued at about $194,000. Menta Capital LLC increased its stake in shares of Cardiovascular Systems by 89.0% in the first quarter. Menta Capital LLC now owns 25,515 shares of the medical device company’s stock valued at $265,000 after buying an additional 12,015 shares during the last quarter. Weiss Multi Strategy Advisers LLC increased its stake in shares of Cardiovascular Systems by 45.8% in the second quarter. Weiss Multi Strategy Advisers LLC now owns 14,580 shares of the medical device company’s stock valued at $268,000 after buying an additional 4,580 shares during the last quarter. Finally, BlackRock Advisors LLC increased its stake in shares of Cardiovascular Systems by 3.3% in the second quarter. BlackRock Advisors LLC now owns 15,089 shares of the medical device company’s stock valued at $277,000 after buying an additional 486 shares during the last quarter. 68.16% of the stock is currently owned by institutional investors.

About Cardiovascular Systems

Cardiovascular Systems, Inc is a medical technology company. The Company is engaged in treating patients suffering from peripheral and coronary arterial diseases. It has developed an orbital atherectomy technology for peripheral and coronary commercial applications. Its peripheral arterial disease systems are catheter-based platforms that treat plaque types in leg arteries both above and below the knee.

5 Day Chart for NASDAQ:CSII

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