Spectranetics Corp (SPNC) Position Cut by TIAA CREF Investment Management LLC

TIAA CREF Investment Management LLC decreased its stake in Spectranetics Corp (NASDAQ:SPNC) by 6.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,643 shares of the medical equipment provider’s stock after selling 9,972 shares during the period. TIAA CREF Investment Management LLC owned 0.33% of Spectranetics Corp worth $4,213,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of SPNC. FMR LLC increased its position in shares of Spectranetics Corp by 4.6% in the first quarter. FMR LLC now owns 5,622,416 shares of the medical equipment provider’s stock valued at $163,753,000 after buying an additional 245,654 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Spectranetics Corp by 2.8% in the first quarter. Wellington Management Group LLP now owns 1,190,483 shares of the medical equipment provider’s stock valued at $34,672,000 after buying an additional 32,876 shares during the last quarter. OppenheimerFunds Inc. increased its position in shares of Spectranetics Corp by 82.6% in the first quarter. OppenheimerFunds Inc. now owns 1,141,402 shares of the medical equipment provider’s stock valued at $33,243,000 after buying an additional 516,260 shares during the last quarter. State Street Corp increased its position in shares of Spectranetics Corp by 2.9% in the fourth quarter. State Street Corp now owns 804,682 shares of the medical equipment provider’s stock valued at $19,715,000 after buying an additional 22,745 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Spectranetics Corp by 8.0% in the first quarter. Ameriprise Financial Inc. now owns 214,945 shares of the medical equipment provider’s stock valued at $6,261,000 after buying an additional 15,870 shares during the last quarter. 91.95% of the stock is currently owned by institutional investors.

Shares of Spectranetics Corp (NASDAQ SPNC) opened at 38.45 on Friday. The stock’s market cap is $1.68 billion. The stock has a 50 day moving average of $37.28 and a 200 day moving average of $30.10. Spectranetics Corp has a one year low of $19.80 and a one year high of $38.55.

Spectranetics Corp (NASDAQ:SPNC) last released its quarterly earnings results on Thursday, August 3rd. The medical equipment provider reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.27) by $0.29. The firm had revenue of $74.71 million for the quarter, compared to the consensus estimate of $73.82 million. Spectranetics Corp had a negative return on equity of 194.18% and a negative net margin of 32.93%. The firm’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.35) EPS. Equities analysts expect that Spectranetics Corp will post ($1.16) EPS for the current fiscal year.

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SPNC has been the topic of several research reports. Needham & Company LLC reissued a “buy” rating and set a $38.50 price objective on shares of Spectranetics Corp in a research report on Wednesday, June 28th. Northland Securities reissued a “buy” rating and set a $32.00 price objective on shares of Spectranetics Corp in a research report on Friday, April 28th. Canaccord Genuity downgraded shares of Spectranetics Corp from a “buy” rating to a “hold” rating and raised their price objective for the stock from $37.00 to $38.50 in a research report on Monday, July 10th. Zacks Investment Research raised shares of Spectranetics Corp from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. Finally, BidaskClub downgraded shares of Spectranetics Corp from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 10th. Eleven research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $34.69.

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.

Institutional Ownership by Quarter for Spectranetics Corp (NASDAQ:SPNC)

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