The Spectranetics Corp. (NASDAQ:SPNC) Receives $25.00 Average Price Target from Brokerages
Shares of The Spectranetics Corp. (NASDAQ:SPNC) have been assigned an average rating of “Buy” from the fourteen ratings firms that are covering the firm. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $25.00.
A number of research firms have recently weighed in on SPNC. Piper Jaffray Cos. restated an “overweight” rating and set a $26.00 target price on shares of The Spectranetics Corp. in a research report on Saturday, August 13th. Needham & Company LLC cut The Spectranetics Corp. from a “strong-buy” rating to a “buy” rating and set a $27.00 price objective for the company. in a research note on Tuesday, August 9th. Royal Bank Of Canada lifted their price objective on The Spectranetics Corp. from $17.00 to $24.00 and gave the stock a “sector perform” rating in a research note on Monday, August 1st. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 price objective on shares of The Spectranetics Corp. in a research note on Friday, July 29th. Finally, RBC Capital Markets reaffirmed a “sector perform” rating and set a $24.00 price objective (up from $17.00) on shares of The Spectranetics Corp. in a research note on Monday, August 1st.
The Spectranetics Corp. (NASDAQ:SPNC) opened at 24.85 on Tuesday. The Spectranetics Corp. has a 52 week low of $10.65 and a 52 week high of $25.81. The company’s market cap is $1.06 billion. The company’s 50-day moving average price is $24.61 and its 200 day moving average price is $20.25.
The Spectranetics Corp. (NASDAQ:SPNC) last released its earnings results on Thursday, July 28th. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.02. The company earned $67.70 million during the quarter, compared to the consensus estimate of $65.18 million. The Spectranetics Corp. had a negative return on equity of 36.73% and a negative net margin of 22.19%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.22) earnings per share. On average, analysts anticipate that The Spectranetics Corp. will post ($1.10) EPS for the current year.
In other news, Director Joseph M. Ruggio sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $25.00, for a total value of $125,000.00. Following the sale, the director now directly owns 83,186 shares in the company, valued at $2,079,650. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.90% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of SPNC. BNP Paribas Arbitrage SA raised its stake in shares of The Spectranetics Corp. by 13.6% in the second quarter. BNP Paribas Arbitrage SA now owns 5,433 shares of the company’s stock worth $102,000 after buying an additional 651 shares during the period. Teacher Retirement System of Texas raised its stake in shares of The Spectranetics Corp. by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 5,974 shares of the company’s stock worth $112,000 after buying an additional 720 shares during the period. Legal & General Group Plc raised its stake in shares of The Spectranetics Corp. by 18.9% in the first quarter. Legal & General Group Plc now owns 10,164 shares of the company’s stock worth $148,000 after buying an additional 1,616 shares during the period. TFS Capital LLC purchased a new stake in shares of The Spectranetics Corp. during the second quarter worth approximately $217,000. Finally, Reliance Trust Co. of Delaware purchased a new stake in shares of The Spectranetics Corp. during the second quarter worth approximately $244,000. Institutional investors own 97.67% of the company’s stock.
The Spectranetics Corp. Company Profile
The Spectranetics Corporation develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are used to cross, prepare and treat arterial blockages in the heart and legs and to manage pacemaker and defibrillator cardiac leads.
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