CL King Begins Coverage on Shockwave Medical (NASDAQ:SWAV)

Stock analysts at CL King initiated coverage on shares of Shockwave Medical (NASDAQ:SWAV) in a note issued to investors on Wednesday, MarketBeat.com reports. The firm set a “buy” rating and a $368.00 price target on the stock. CL King’s price objective would indicate a potential upside of 13.01% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley lowered their price target on Shockwave Medical from $284.00 to $223.00 and set an “overweight” rating for the company in a research note on Monday, December 4th. TheStreet raised Shockwave Medical from a “c+” rating to a “b” rating in a research note on Thursday, February 15th. Needham & Company LLC boosted their price target on Shockwave Medical from $260.00 to $286.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Piper Sandler boosted their price target on Shockwave Medical from $275.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Finally, Wells Fargo & Company upped their target price on Shockwave Medical from $200.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Friday, February 16th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Shockwave Medical has a consensus rating of “Moderate Buy” and a consensus target price of $271.44.

Shockwave Medical Price Performance

Shares of SWAV opened at $325.63 on Wednesday. The company has a market capitalization of $12.18 billion, a price-to-earnings ratio of 84.14, a P/E/G ratio of 2.67 and a beta of 0.90. Shockwave Medical has a fifty-two week low of $157.00 and a fifty-two week high of $331.58. The company has a debt-to-equity ratio of 1.09, a current ratio of 11.76 and a quick ratio of 10.73. The business’s 50-day moving average is $254.81 and its 200-day moving average is $215.40.

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

Insider Activity

In other news, Director Frederic H. Moll sold 60,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $257.39, for a total value of $15,443,400.00. Following the completion of the sale, the director now directly owns 287,521 shares of the company’s stock, valued at $74,005,030.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Trinh Phung sold 599 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $259.24, for a total value of $155,284.76. Following the completion of the transaction, the vice president now directly owns 31,031 shares in the company, valued at $8,044,476.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederic H. Moll sold 60,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $257.39, for a total value of $15,443,400.00. Following the completion of the transaction, the director now owns 287,521 shares of the company’s stock, valued at $74,005,030.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,813 shares of company stock valued at $28,337,059. 3.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Shockwave Medical by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 3,633,720 shares of the company’s stock valued at $692,442,000 after purchasing an additional 33,539 shares in the last quarter. FMR LLC lifted its holdings in shares of Shockwave Medical by 3.8% during the third quarter. FMR LLC now owns 2,527,893 shares of the company’s stock valued at $503,303,000 after acquiring an additional 92,919 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Shockwave Medical by 36.8% during the fourth quarter. Wellington Management Group LLP now owns 2,470,419 shares of the company’s stock valued at $470,763,000 after acquiring an additional 664,648 shares during the period. Artisan Partners Limited Partnership lifted its holdings in shares of Shockwave Medical by 7.0% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,495,492 shares of the company’s stock valued at $284,981,000 after acquiring an additional 97,356 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Shockwave Medical by 16.0% during the first quarter. Invesco Ltd. now owns 1,398,211 shares of the company’s stock valued at $289,933,000 after acquiring an additional 192,525 shares during the period. 95.35% of the stock is currently owned by institutional investors and hedge funds.

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.