Cardiovascular Systems (CSII) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Cardiovascular Systems (NASDAQ:CSII) from a hold rating to a buy rating in a report issued on Friday morning. The brokerage currently has $28.00 target price on the medical device company’s stock.

According to Zacks, “Cardiovascular Systems exited second-quarter fiscal 2018 on a solid note with year-over-year increase in revenues at both CAD and PAD businesses. Also, the expansion is gross margin was impressive. Moreover, the company is putting efforts in product innovation through R&D investments. The market is also looking forward to the recently-launched coronary device in Japan, reflecting the company’s focus on international expansion. On the flip side, Cardiovascular Systems faces cutthroat competition in the niche space. Coming to profitability, Cardio Vascular incurred net loss in the recently-reported second quarter. In fact, the company has a long history of net losses since inception. Also, the lowered revenue guidance for fiscal 2018 is discouraging.Over the last year, Cardiovascular Systems has been trading below the broader industry.”

Other analysts have also recently issued research reports about the company. BidaskClub raised Cardiovascular Systems from a sell rating to a hold rating in a report on Friday, January 26th. Needham & Company LLC cut Cardiovascular Systems from a buy rating to a hold rating and dropped their price objective for the stock from $33.11 to $23.00 in a report on Friday, December 15th. William Blair reissued a market perform rating on shares of Cardiovascular Systems in a report on Thursday, December 21st. Raymond James Financial reissued a hold rating on shares of Cardiovascular Systems in a report on Monday, December 4th. Finally, Leerink Swann dropped their price objective on Cardiovascular Systems from $31.00 to $30.00 and set an outperform rating on the stock in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Cardiovascular Systems presently has a consensus rating of Hold and an average target price of $27.00.

Shares of Cardiovascular Systems (NASDAQ CSII) traded down $0.60 during midday trading on Friday, hitting $22.40. The stock had a trading volume of 788,571 shares, compared to its average volume of 291,422. Cardiovascular Systems has a 1 year low of $21.03 and a 1 year high of $33.11. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.30 and a quick ratio of 3.83. The stock has a market cap of $784.79, a PE ratio of -223.98 and a beta of 2.32.

Cardiovascular Systems (NASDAQ:CSII) last issued its quarterly earnings results on Wednesday, February 7th. The medical device company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. Cardiovascular Systems had a negative return on equity of 0.51% and a negative net margin of 1.62%. The firm had revenue of $52.63 million for the quarter, compared to analysts’ expectations of $53.39 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. research analysts forecast that Cardiovascular Systems will post -0.03 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of CSII. BlueCrest Capital Management Ltd purchased a new stake in Cardiovascular Systems during the 2nd quarter worth about $204,000. Advisor Group Inc. lifted its holdings in Cardiovascular Systems by 0.4% during the 2nd quarter. Advisor Group Inc. now owns 8,165 shares of the medical device company’s stock worth $263,000 after purchasing an additional 35 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Cardiovascular Systems by 34.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 8,239 shares of the medical device company’s stock worth $265,000 after purchasing an additional 2,115 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Cardiovascular Systems during the 4th quarter worth about $273,000. Finally, Trexquant Investment LP purchased a new stake in shares of Cardiovascular Systems in the 3rd quarter valued at about $276,000. 75.29% of the stock is currently owned by institutional investors and hedge funds.

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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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