Panagora Asset Management Inc. increased its stake in shares of Cardiovascular Systems Inc (NASDAQ:CSII) by 199.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,333 shares of the medical device company’s stock after purchasing an additional 19,522 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.08% of Cardiovascular Systems worth $1,259,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of CSII. Piedmont Investment Advisors Inc. purchased a new position in Cardiovascular Systems in the 1st quarter valued at about $340,000. PNC Financial Services Group Inc. raised its position in shares of Cardiovascular Systems by 281,288.5% in the first quarter. PNC Financial Services Group Inc. now owns 73,161 shares of the medical device company’s stock valued at $2,830,000 after buying an additional 73,135 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of Cardiovascular Systems during the first quarter valued at approximately $435,000. Mason Street Advisors LLC purchased a new position in shares of Cardiovascular Systems during the first quarter valued at approximately $432,000. Finally, New York State Teachers Retirement System boosted its position in Cardiovascular Systems by 35.6% during the second quarter. New York State Teachers Retirement System now owns 19,051 shares of the medical device company’s stock worth $818,000 after acquiring an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 90.36% of the company’s stock.
CSII has been the subject of several recent analyst reports. Lake Street Capital lifted their target price on shares of Cardiovascular Systems from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cardiovascular Systems in a research report on Wednesday, August 7th. Stifel Nicolaus downgraded shares of Cardiovascular Systems from a “buy” rating to a “hold” rating and upped their price objective for the company from $41.00 to $45.00 in a research note on Tuesday, July 16th. They noted that the move was a valuation call. BidaskClub lowered shares of Cardiovascular Systems from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. Finally, Zacks Investment Research downgraded Cardiovascular Systems from a “hold” rating to a “strong sell” rating and set a $47.00 price objective for the company. in a report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Cardiovascular Systems presently has an average rating of “Hold” and an average target price of $48.50.
CSII stock traded up $1.21 during midday trading on Wednesday, reaching $49.63. 2,075 shares of the company’s stock traded hands, compared to its average volume of 274,004. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.25 and a quick ratio of 3.83. Cardiovascular Systems Inc has a fifty-two week low of $24.84 and a fifty-two week high of $51.74. The business has a 50-day moving average price of $47.20 and a two-hundred day moving average price of $41.37. The company has a market capitalization of $1.71 billion, a P/E ratio of -4,951.00 and a beta of 1.75.
Cardiovascular Systems (NASDAQ:CSII) last posted its earnings results on Tuesday, August 6th. The medical device company reported $0.04 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04. Cardiovascular Systems had a negative net margin of 0.10% and a negative return on equity of 0.18%. The business had revenue of $68.23 million for the quarter, compared to analyst estimates of $66.04 million.
About Cardiovascular Systems
Cardiovascular Systems, Inc, a medical device company, develops, manufactures, and commercializes various devices to treat vascular and coronary diseases in the United States. The company offers peripheral arterial disease products, including Diamondback 360 Peripheral, Predator 360, Stealth 360 Peripheral Orbital Atherectomy System (OAS), Diamondback 360 60cm Peripheral OAS, Diamondback 360 Low Profile Peripheral, Diamondback 360 1.50 Peripheral, Diamondback 360 2.00 Peripheral, Diamondback 360 200cm Peripheral, and Diamondback 360 180cm Peripheral, which are catheter-based platforms for treating a range of plaque types in leg arteries above and below the knee, including calcified plaque, as well as address various limitations associated with surgical, catheter, and pharmacological treatment alternatives.
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