Raymond James Financial, Inc. downgraded shares of The Spectranetics Corporation (NASDAQ:SPNC) from an outperform rating to a market perform rating in a report issued on Wednesday morning.

SPNC has been the topic of several other reports. Canaccord Genuity cut The Spectranetics Corporation from a buy rating to a hold rating and upped their price objective for the stock from $37.00 to $38.50 in a report on Monday, July 10th. ValuEngine raised The Spectranetics Corporation from a sell rating to a hold rating in a report on Friday, June 2nd. Zacks Investment Research cut The Spectranetics Corporation from a hold rating to a sell rating in a report on Tuesday, March 28th. Needham & Company LLC reaffirmed a buy rating and set a $38.50 price objective on shares of The Spectranetics Corporation in a report on Wednesday, June 28th. Finally, Northland Securities reaffirmed a buy rating and set a $32.00 price objective on shares of The Spectranetics Corporation in a report on Friday, April 28th. Nine research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $34.14.

The Spectranetics Corporation (SPNC) opened at 38.45 on Wednesday. The Spectranetics Corporation has a 1-year low of $19.80 and a 1-year high of $38.55. The firm’s 50 day moving average is $35.06 and its 200 day moving average is $29.33. The stock’s market capitalization is $1.67 billion.

The Spectranetics Corporation (NASDAQ:SPNC) last issued its quarterly earnings data on Thursday, April 27th. The medical equipment provider reported ($0.43) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by $0.09. The firm had revenue of $69.70 million for the quarter, compared to analysts’ expectations of $68.19 million. The Spectranetics Corporation had a negative return on equity of 63.11% and a negative net margin of 21.38%. The firm’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the company earned ($0.32) earnings per share. On average, equities research analysts anticipate that The Spectranetics Corporation will post ($1.14) earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: This story was first published by Watch List News and is the sole property of of Watch List News. If you are viewing this story on another domain, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.watchlistnews.com/raymond-james-financial-inc-lowers-the-spectranetics-corporation-nasdaqspnc-to-market-perform/1462153.html.

Hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. bought a new stake in The Spectranetics Corporation during the fourth quarter valued at $861,000. Fox Run Management L.L.C. bought a new stake in The Spectranetics Corporation during the first quarter valued at $277,000. Janney Montgomery Scott LLC bought a new stake in The Spectranetics Corporation during the first quarter valued at $213,000. OppenheimerFunds Inc. raised its stake in The Spectranetics Corporation by 82.6% in the first quarter. OppenheimerFunds Inc. now owns 1,141,402 shares of the medical equipment provider’s stock valued at $33,243,000 after buying an additional 516,260 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC raised its stake in The Spectranetics Corporation by 3.9% in the first quarter. Quantitative Systematic Strategies LLC now owns 11,058 shares of the medical equipment provider’s stock valued at $322,000 after buying an additional 416 shares during the last quarter. Institutional investors own 92.28% of the company’s stock.

About The Spectranetics Corporation

The Spectranetics Corporation develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are used to cross, prepare and treat arterial blockages in the heart and legs and to manage pacemaker and defibrillator cardiac leads.

Analyst Recommendations for The Spectranetics Corporation (NASDAQ:SPNC)

Receive News & Ratings for The Spectranetics Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Spectranetics Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.