Cardiovascular Systems Inc. (CSII) Receives New Coverage from Analysts at JMP Securities
Analysts at JMP Securities began coverage on shares of Cardiovascular Systems Inc. (NASDAQ:CSII) in a research note issued on Friday. The brokerage set an “outperform” rating on the medical device company’s stock.
Several other brokerages have also recently weighed in on CSII. Zacks Investment Research cut Cardiovascular Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Needham & Company LLC upped their price target on Cardiovascular Systems from $23.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 4th. Leerink Swann raised Cardiovascular Systems from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Monday, August 22nd. Finally, Bank of America Corp. raised Cardiovascular Systems from an “underperform” rating to a “neutral” rating in a research note on Thursday, August 4th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Cardiovascular Systems presently has an average rating of “Buy” and a consensus price target of $24.14.
Cardiovascular Systems (NASDAQ:CSII) opened at 24.42 on Friday. Cardiovascular Systems has a one year low of $7.50 and a one year high of $25.22. The company’s market capitalization is $814.29 million. The company has a 50 day moving average price of $23.95 and a 200-day moving average price of $18.41.
Cardiovascular Systems (NASDAQ:CSII) last issued its quarterly earnings results on Wednesday, August 3rd. The medical device company reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The company had revenue of $48.50 million for the quarter, compared to analysts’ expectations of $46.01 million. Cardiovascular Systems had a negative return on equity of 38.39% and a negative net margin of 31.44%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.27) earnings per share. Analysts expect that Cardiovascular Systems will post ($0.62) EPS for the current fiscal year.
In other news, major shareholder Camber Capital Management Llc sold 1,100,000 shares of the company’s stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $23.26, for a total transaction of $25,586,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Paul A. Koehn sold 5,969 shares of the company’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $25.02, for a total value of $149,344.38. Following the transaction, the senior vice president now directly owns 73,321 shares in the company, valued at $1,834,491.42. The disclosure for this sale can be found here. 5.60% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its position in shares of Cardiovascular Systems by 27.6% in the first quarter. Wellington Management Group LLP now owns 3,018,859 shares of the medical device company’s stock worth $31,306,000 after buying an additional 652,962 shares during the last quarter. Amici Capital LLC purchased a new position in Cardiovascular Systems during the first quarter worth $830,000. GSA Capital Partners LLP purchased a new position in Cardiovascular Systems during the second quarter worth $393,000. Bank of New York Mellon Corp increased its position in Cardiovascular Systems by 4.7% in the second quarter. Bank of New York Mellon Corp now owns 142,313 shares of the medical device company’s stock worth $2,615,000 after buying an additional 6,437 shares in the last quarter. Finally, Iguana Healthcare Management LLC purchased a new position in Cardiovascular Systems during the first quarter worth $754,000. 68.16% of the stock is currently owned by hedge funds and other institutional investors.
Cardiovascular Systems Company Profile
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.
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