Cardiovascular Systems (CSII) Stock Rating Lowered by Needham & Company LLC

Cardiovascular Systems (NASDAQ:CSII) was downgraded by research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday. They presently have a $23.00 target price on the medical device company’s stock, down from their prior target price of $33.11. Needham & Company LLC’s target price would suggest a potential downside of 3.28% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Raymond James Financial restated a “hold” rating on shares of Cardiovascular Systems in a research report on Monday, December 4th. Zacks Investment Research upgraded Cardiovascular Systems from a “sell” rating to a “hold” rating in a research report on Monday, November 13th. Citigroup started coverage on Cardiovascular Systems in a research report on Thursday, September 21st. They issued a “market perform” rating on the stock. Finally, BidaskClub downgraded Cardiovascular Systems from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $31.50.

Cardiovascular Systems (NASDAQ CSII) opened at $23.78 on Friday. The stock has a market capitalization of $811.42, a P/E ratio of 1,189.00 and a beta of 2.52. The company has a current ratio of 4.30, a quick ratio of 3.83 and a debt-to-equity ratio of 0.18. Cardiovascular Systems has a 1 year low of $23.00 and a 1 year high of $33.11.

Cardiovascular Systems (NASDAQ:CSII) last issued its quarterly earnings results on Wednesday, October 25th. The medical device company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $49.70 million for the quarter, compared to the consensus estimate of $51.00 million. Cardiovascular Systems had a positive return on equity of 0.74% and a negative net margin of 0.93%. Cardiovascular Systems’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.06) earnings per share. equities analysts forecast that Cardiovascular Systems will post -0.05 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. BNP Paribas Arbitrage SA increased its stake in Cardiovascular Systems by 160.7% during the second quarter. BNP Paribas Arbitrage SA now owns 5,135 shares of the medical device company’s stock worth $166,000 after acquiring an additional 3,165 shares during the last quarter. BlueCrest Capital Management Ltd acquired a new stake in Cardiovascular Systems during the second quarter worth $204,000. Legal & General Group Plc increased its stake in Cardiovascular Systems by 2.9% during the second quarter. Legal & General Group Plc now owns 7,763 shares of the medical device company’s stock worth $249,000 after acquiring an additional 216 shares during the last quarter. Advisor Group Inc. increased its stake in Cardiovascular Systems by 0.4% during the second quarter. Advisor Group Inc. now owns 8,165 shares of the medical device company’s stock worth $263,000 after acquiring an additional 35 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Cardiovascular Systems by 34.5% during the second quarter. JPMorgan Chase & Co. now owns 8,239 shares of the medical device company’s stock worth $265,000 after acquiring an additional 2,115 shares during the last quarter. 75.05% of the stock is owned by institutional investors.

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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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