Cardiovascular Systems (NASDAQ:CSII) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

According to Zacks, “Cardiovascular Systems exited second-quarter fiscal 2019 with earnings beat and in line revenues. The company witnessed year-over-year increase in the Coronary and peripheral device segments. Cardiovascular Systems continued to see higher revenues from Atherectomy franchises, growing international sales of OAS and top-line contributions from the emerging product pipeline. We are also upbeat about the company’s recent announcement of the first global use of Diamondback 360 Coronary OAS in UAE. Further, the company is progressing with the international distribution agreement with OrbusNeich to sell its coronary and peripheral OAS outside the United States and Japan. In the past three months, Cardiovascular Systems has outperformed the industry. On the flip side, the company faces cut-throat competition in the niche space. Further, its failure to enter global markets might affect results. “

A number of other analysts also recently issued reports on the company. BidaskClub raised Cardiovascular Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 5th. ValuEngine raised Cardiovascular Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, March 5th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $47.50.

Shares of NASDAQ CSII opened at $39.69 on Friday. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 793.80 and a beta of 2.15. The company has a quick ratio of 3.88, a current ratio of 4.38 and a debt-to-equity ratio of 0.15. Cardiovascular Systems has a 1 year low of $20.89 and a 1 year high of $42.64.

Cardiovascular Systems (NASDAQ:CSII) last announced its quarterly earnings results on Wednesday, January 30th. The medical device company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.05. The company had revenue of $60.21 million during the quarter, compared to the consensus estimate of $59.66 million. Cardiovascular Systems had a return on equity of 1.28% and a net margin of 0.74%. On average, equities research analysts expect that Cardiovascular Systems will post -0.1 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Partner Fund Management L.P. lifted its holdings in shares of Cardiovascular Systems by 57.2% in the 4th quarter. Partner Fund Management L.P. now owns 1,599,867 shares of the medical device company’s stock valued at $45,580,000 after purchasing an additional 581,950 shares during the last quarter. Norges Bank purchased a new stake in shares of Cardiovascular Systems in the 4th quarter valued at about $14,258,000. BlackRock Inc. lifted its holdings in shares of Cardiovascular Systems by 12.5% in the 4th quarter. BlackRock Inc. now owns 2,901,471 shares of the medical device company’s stock valued at $82,663,000 after purchasing an additional 322,994 shares during the last quarter. Teachers Advisors LLC lifted its holdings in shares of Cardiovascular Systems by 420.6% in the 3rd quarter. Teachers Advisors LLC now owns 317,801 shares of the medical device company’s stock valued at $12,439,000 after purchasing an additional 256,759 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Cardiovascular Systems in the 3rd quarter valued at about $8,766,000. 83.11% of the stock is owned by institutional investors.

Cardiovascular Systems Company Profile

Cardiovascular Systems, Inc is a medical device company, which engages in the development and commercialization of solutions for treating vascular and coronary disease. It offers orbital atherectomy systems for both peripheral and coronary commercial applications. Its products are primarily catheter-based platforms capable of treating a range of vessel sizes and plaque types.

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