Canaccord Genuity downgraded shares of The Spectranetics Corporation (NASDAQ:SPNC) from a buy rating to a hold rating in a report published on Monday, July 10th, MarketBeat Ratings reports. They currently have $38.50 price target on the medical equipment provider’s stock, up from their previous price target of $37.00.

SPNC has been the topic of a number of other reports. Zacks Investment Research raised shares of The Spectranetics Corporation from a sell rating to a hold rating in a research report on Wednesday, March 22nd. ValuEngine raised shares of The Spectranetics Corporation from a sell rating to a hold rating in a research report on Friday, June 2nd. BidaskClub downgraded shares of The Spectranetics Corporation from a strong-buy rating to a buy rating in a research note on Saturday, June 10th. Needham & Company LLC reiterated a buy rating and set a $38.50 price objective on shares of The Spectranetics Corporation in a research note on Wednesday, June 28th. Finally, Northland Securities reiterated a buy rating and set a $32.00 price objective on shares of The Spectranetics Corporation in a research note on Friday, April 28th. Eleven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The Spectranetics Corporation currently has an average rating of Hold and an average price target of $34.14.

The Spectranetics Corporation (SPNC) remained flat at $38.45 during trading on Monday. The company’s stock had a trading volume of 874,332 shares. The Spectranetics Corporation has a 12-month low of $19.80 and a 12-month high of $38.55. The stock’s 50 day moving average is $36.55 and its 200-day moving average is $29.78. The stock’s market capitalization is $1.67 billion.

The Spectranetics Corporation (NASDAQ:SPNC) last issued its earnings results on Thursday, August 3rd. The medical equipment provider reported ($0.56) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.27) by $0.29. The company had revenue of $74.71 million for the quarter, compared to analysts’ expectations of $73.82 million. The Spectranetics Corporation had a negative return on equity of 85.52% and a negative net margin of 24.26%. The business’s revenue was up 10.3% compared to the same quarter last year. During the same period last year, the business posted ($0.35) earnings per share. On average, analysts forecast that The Spectranetics Corporation will post ($1.13) earnings per share for the current year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. bought a new position in The Spectranetics Corporation during the second quarter worth about $883,000. Keybank National Association OH bought a new position in The Spectranetics Corporation during the second quarter worth about $235,000. Leucadia National Corp bought a new position in The Spectranetics Corporation during the second quarter worth about $4,992,000. Airain ltd bought a new position in The Spectranetics Corporation during the second quarter worth about $3,265,000. Finally, Marshall Wace North America L.P. bought a new position in The Spectranetics Corporation during the second quarter worth about $6,574,000. 91.95% of the stock is owned by institutional investors and hedge funds.

The Spectranetics Corporation 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.

Analyst Recommendations for The Spectranetics Corporation (NASDAQ:SPNC)

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