SVB Leerink Reiterates “Market Perform” Rating for Shockwave Medical (NASDAQ:SWAV)

Shockwave Medical (NASDAQ:SWAV)‘s stock had its “market perform” rating reissued by research analysts at SVB Leerink in a research note issued to investors on Monday, Benzinga reports. They currently have a $335.00 target price on the stock, down from their prior target price of $361.00. SVB Leerink’s price target would suggest a potential upside of 2.34% from the company’s previous close.

Several other analysts also recently issued reports on SWAV. Canaccord Genuity Group reissued a “hold” rating and issued a $335.00 price objective (up previously from $263.00) on shares of Shockwave Medical in a research note on Friday, April 5th. Wells Fargo & Company lifted their price objective on shares of Shockwave Medical from $200.00 to $210.00 and gave the company an “equal weight” rating in a report on Friday, February 16th. Piper Sandler upped their target price on Shockwave Medical from $290.00 to $360.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $335.00 price target (up from $285.00) on shares of Shockwave Medical in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $335.00 price objective (up from $270.00) on shares of Shockwave Medical in a research note on Monday. Ten equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $305.70.

Shockwave Medical Trading Up 0.5 %

NASDAQ:SWAV opened at $327.35 on Monday. Shockwave Medical has a one year low of $157.00 and a one year high of $331.58. The business has a fifty day moving average price of $270.77 and a 200-day moving average price of $221.82. The firm has a market capitalization of $12.24 billion, a price-to-earnings ratio of 84.59, a price-to-earnings-growth ratio of 2.76 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 11.76 and a quick ratio of 10.73.

Shockwave Medical (NASDAQ:SWAV) last posted its quarterly earnings results on Thursday, February 15th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.24. The business had revenue of $202.98 million for the quarter, compared to analysts’ expectations of $199.43 million. Shockwave Medical had a return on equity of 23.97% and a net margin of 20.17%. The business’s quarterly revenue was up 41.0% on a year-over-year basis. During the same period last year, the firm earned $3.71 earnings per share. Sell-side analysts forecast that Shockwave Medical will post 4.89 EPS for the current year.

Insider Buying and Selling at Shockwave Medical

In related news, VP Trinh Phung sold 1,287 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $232.18, for a total transaction of $298,815.66. Following the completion of the sale, the vice president now directly owns 32,933 shares of the company’s stock, valued at $7,646,383.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Laura Francis sold 1,500 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $300.00, for a total value of $450,000.00. Following the sale, the director now directly owns 3,551 shares in the company, valued at approximately $1,065,300. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Trinh Phung sold 1,287 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $232.18, for a total transaction of $298,815.66. Following the completion of the sale, the vice president now owns 32,933 shares in the company, valued at $7,646,383.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,813 shares of company stock worth $25,938,579. 3.40% of the stock is owned by company insiders.

Institutional Trading of Shockwave Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in shares of Shockwave Medical by 36.8% in the fourth quarter. Wellington Management Group LLP now owns 2,470,419 shares of the company’s stock valued at $470,763,000 after purchasing an additional 664,648 shares during the period. Norges Bank acquired a new position in shares of Shockwave Medical during the 4th quarter valued at about $104,982,000. JPMorgan Chase & Co. lifted its holdings in shares of Shockwave Medical by 57.9% during the 1st quarter. JPMorgan Chase & Co. now owns 1,273,747 shares of the company’s stock worth $276,185,000 after acquiring an additional 467,237 shares during the period. State Street Corp boosted its position in shares of Shockwave Medical by 56.5% in the second quarter. State Street Corp now owns 1,125,735 shares of the company’s stock worth $215,207,000 after acquiring an additional 406,327 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Shockwave Medical by 37.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,394,767 shares of the company’s stock valued at $302,428,000 after purchasing an additional 382,374 shares during the period. Hedge funds and other institutional investors own 95.35% of the company’s stock.

About Shockwave Medical

Shockwave Medical, Inc, a medical device company, develops and commercializes intravascular lithotripsy (IVL) technology for the treatment of calcified plaque in patients with peripheral and coronary vascular, and heart valve diseases in the United States and internationally. The company offers products for the treatment of peripheral artery disease (PAD), including M5 IVL catheter and M5+ IVL catheter, which are five-emitter catheters used in IVL system in medium-diameter vessels; S4 IVL catheter, a four-emitter catheter for use in IVL system in small-diameter vessels; and L6 IVL catheter, a six-emitter catheter used for IVL System in large diameter vessels.