Cardiovascular Systems, Inc. (CSII) Given “Buy” Rating at Needham & Company LLC
Cardiovascular Systems, Inc. (NASDAQ:CSII)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued on Friday, July 14th. They currently have a $37.00 price target on the medical device company’s stock, up from their previous price target of $32.00. Needham & Company LLC’s target price indicates a potential upside of 19.59% from the stock’s previous close.
The analysts wrote, “We are reiterating our Buy rating on CSII, raising our FY18 and FY19 estimates, and raising our price target to $37 from $32. Over the next few quarters, we expect revenue growth to slow due to tougher comps but we expect earnings upside to drive shares higher. We expect the ECLIPSE trial and Japan to drive strong coronary growth in coming years.””
Other analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Cardiovascular Systems from a “hold” rating to a “buy” rating in a research note on Friday, June 9th. TheStreet raised shares of Cardiovascular Systems from a “d” rating to a “c-” rating in a research report on Thursday, May 4th. Zacks Investment Research lowered shares of Cardiovascular Systems from a “buy” rating to a “hold” rating in a research report on Thursday, March 16th. 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 investment analysts have rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $33.83.
Shares of Cardiovascular Systems (NASDAQ CSII) traded down 0.26% during trading on Friday, reaching $30.94. The company’s stock had a trading volume of 127,185 shares. The stock’s market cap is $1.01 billion. Cardiovascular Systems has a 52-week low of $20.84 and a 52-week high of $33.11. The stock has a 50-day moving average of $31.80 and a 200-day moving average of $29.39.
Cardiovascular Systems (NASDAQ:CSII) last issued its earnings results on Wednesday, August 2nd. The medical device company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.07. The company had revenue of $52.90 million during the quarter, compared to the consensus estimate of $51.98 million. Cardiovascular Systems had a negative net margin of 0.87% and a positive return on equity of 0.89%. Cardiovascular Systems’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.15) EPS. Analysts predict that Cardiovascular Systems will post $0.04 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System boosted its position in Cardiovascular Systems by 17.1% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 30,040 shares of the medical device company’s stock worth $727,000 after buying an additional 4,396 shares in the last quarter. State Street Corp boosted its position in Cardiovascular Systems by 5.7% in the fourth quarter. State Street Corp now owns 587,786 shares of the medical device company’s stock worth $14,229,000 after buying an additional 31,449 shares in the last quarter. AQR Capital Management LLC bought a new position in Cardiovascular Systems during the fourth quarter worth about $736,000. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Cardiovascular Systems during the fourth quarter valued at about $631,000. Finally, Teachers Advisors LLC boosted its position in shares of Cardiovascular Systems by 62.1% in the fourth quarter. Teachers Advisors LLC now owns 95,895 shares of the medical device company’s stock valued at $2,322,000 after buying an additional 36,735 shares during the period. 75.15% of the stock is owned by institutional investors and hedge funds.
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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