Wells Fargo & Company Raises ShockWave Medical (NASDAQ:SWAV) Price Target to $189.00

ShockWave Medical (NASDAQ:SWAV) had its price objective hoisted by Wells Fargo & Company from $161.00 to $189.00 in a research report released on Monday morning, The Fly reports. Wells Fargo & Company currently has an overweight rating on the stock.

SWAV has been the subject of a number of other reports. Oppenheimer restated a hold rating on shares of ShockWave Medical in a research note on Wednesday, April 28th. Piper Sandler raised ShockWave Medical from a neutral rating to an overweight rating and lifted their price target for the company from $134.00 to $165.00 in a report on Tuesday, May 11th. Canaccord Genuity lifted their price target on ShockWave Medical from $149.00 to $202.00 and gave the company a buy rating in a report on Tuesday, May 11th. Zacks Investment Research raised ShockWave Medical from a sell rating to a hold rating and set a $172.00 target price on the stock in a report on Wednesday, April 21st. Finally, Morgan Stanley boosted their target price on ShockWave Medical from $145.00 to $152.00 and gave the stock an equal weight rating in a report on Tuesday, May 11th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. ShockWave Medical currently has a consensus rating of Buy and an average target price of $176.67.

Shares of SWAV opened at $173.46 on Monday. The company has a quick ratio of 5.96, a current ratio of 6.96 and a debt-to-equity ratio of 0.06. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of -83.39 and a beta of 1.29. The business has a fifty day moving average price of $156.15. ShockWave Medical has a twelve month low of $41.77 and a twelve month high of $182.28.

ShockWave Medical (NASDAQ:SWAV) last announced its earnings results on Monday, May 10th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.26). The business had revenue of $31.90 million for the quarter, compared to analyst estimates of $31.33 million. ShockWave Medical had a negative net margin of 83.47% and a negative return on equity of 30.92%. The firm’s revenue was up 109.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.59) earnings per share. On average, equities research analysts forecast that ShockWave Medical will post -1.59 EPS for the current year.

In related news, CEO Douglas Evan Godshall sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 18th. The shares were sold at an average price of $159.36, for a total value of $7,171,200.00. Following the completion of the sale, the chief executive officer now directly owns 181,856 shares in the company, valued at $28,980,572.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Isaac Zacharias sold 4,000 shares of the company’s stock in a transaction on Monday, March 15th. The stock was sold at an average price of $114.70, for a total transaction of $458,800.00. Following the completion of the sale, the insider now owns 55,050 shares of the company’s stock, valued at $6,314,235. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 163,491 shares of company stock worth $26,613,364. Corporate insiders own 15.30% of the company’s stock.

A number of large investors have recently modified their holdings of SWAV. Strs Ohio lifted its position in ShockWave Medical by 96.3% during the 4th quarter. Strs Ohio now owns 5,300 shares of the company’s stock worth $549,000 after acquiring an additional 2,600 shares during the last quarter. Arizona State Retirement System increased its stake in ShockWave Medical by 2.6% in the fourth quarter. Arizona State Retirement System now owns 7,888 shares of the company’s stock valued at $818,000 after acquiring an additional 198 shares during the period. Victory Capital Management Inc. increased its stake in ShockWave Medical by 9.2% in the fourth quarter. Victory Capital Management Inc. now owns 4,190 shares of the company’s stock valued at $435,000 after acquiring an additional 353 shares during the period. First Trust Advisors LP grew its stake in ShockWave Medical by 11.7% during the fourth quarter. First Trust Advisors LP now owns 37,496 shares of the company’s stock worth $3,889,000 after buying an additional 3,933 shares during the last quarter. Finally, California Public Employees Retirement System grew its stake in ShockWave Medical by 12.4% during the fourth quarter. California Public Employees Retirement System now owns 66,964 shares of the company’s stock worth $6,946,000 after buying an additional 7,413 shares during the last quarter. Hedge funds and other institutional investors own 92.34% of the company’s stock.

About ShockWave Medical

ShockWave Medical, Inc, a medical device company, engages in developing and commercializing intravascular lithotripsy technology to treat calcified plaque in patients with peripheral vascular, coronary vascular, and heart valve diseases worldwide. The company offers M5 catheters for treating above-the-knee peripheral artery disease; C2 catheters for treating coronary artery disease; and S4 catheters for treating below-the-knee peripheral artery disease.

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