Royal Bank of Canada Sells 8,763 Shares of ShockWave Medical, Inc. (NASDAQ:SWAV)

Posted by Defense World Staff on Mar 7th, 2023

Royal Bank of Canada reduced its holdings in shares of ShockWave Medical, Inc. (NASDAQ:SWAV – Get Rating) by 12.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 59,247 shares of the company’s stock after selling 8,763 shares during the period. Royal Bank of Canada owned about 0.16% of ShockWave Medical worth $16,473,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tobam bought a new stake in shares of ShockWave Medical during the 3rd quarter worth approximately $32,000. PenderFund Capital Management Ltd. bought a new stake in shares of ShockWave Medical during the 1st quarter worth approximately $41,000. Altshuler Shaham Ltd bought a new stake in shares of ShockWave Medical during the 3rd quarter worth approximately $58,000. Sentry Investment Management LLC bought a new stake in shares of ShockWave Medical during the 3rd quarter worth approximately $64,000. Finally, CWM LLC lifted its stake in shares of ShockWave Medical by 43.1% during the 3rd quarter. CWM LLC now owns 279 shares of the company’s stock worth $78,000 after acquiring an additional 84 shares during the last quarter. 90.56% of the stock is owned by institutional investors.

ShockWave Medical Trading Up 1.1 %

Shares of NASDAQ:SWAV opened at $191.90 on Tuesday. ShockWave Medical, Inc. has a 12-month low of $113.36 and a 12-month high of $320.54. The business’s fifty day simple moving average is $192.48 and its 200-day simple moving average is $240.05. The company has a market capitalization of $7.00 billion, a PE ratio of 33.67 and a beta of 0.97. The company has a current ratio of 7.25, a quick ratio of 6.06 and a debt-to-equity ratio of 0.05.

ShockWave Medical (NASDAQ:SWAV – Get Rating) last announced its quarterly earnings results on Thursday, February 16th. The company reported $3.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $2.72. ShockWave Medical had a return on equity of 59.99% and a net margin of 44.10%. The business had revenue of $144.00 million for the quarter, compared to the consensus estimate of $143.04 million. During the same period last year, the business posted $0.34 EPS. The business’s revenue was up 71.0% compared to the same quarter last year. As a group, equities research analysts predict that ShockWave Medical, Inc. will post 3.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft initiated coverage on ShockWave Medical in a research note on Friday, December 16th. They set a “buy” rating and a $285.00 price target for the company. Piper Sandler decreased their target price on ShockWave Medical from $300.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, January 26th. Morgan Stanley decreased their target price on ShockWave Medical from $290.00 to $224.00 and set an “equal weight” rating for the company in a research report on Friday, January 6th. Canaccord Genuity Group lifted their target price on ShockWave Medical from $247.00 to $252.00 and gave the company a “buy” rating in a research report on Friday, February 17th. Finally, Wells Fargo & Company lifted their target price on ShockWave Medical from $200.00 to $207.00 and gave the company an “equal weight” rating in a research report on Friday, February 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, ShockWave Medical presently has an average rating of “Moderate Buy” and a consensus price target of $248.22.

Insider Buying and Selling

In related news, Director Frank T. Watkins sold 3,000 shares of the business’s stock in a transaction on Friday, January 20th. The stock was sold at an average price of $176.29, for a total transaction of $528,870.00. Following the transaction, the director now directly owns 3,796 shares in the company, valued at approximately $669,196.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other ShockWave Medical news, CEO Douglas Evan Godshall sold 30,000 shares of the business’s stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $187.84, for a total transaction of $5,635,200.00. Following the sale, the chief executive officer now owns 114,741 shares in the company, valued at approximately $21,552,949.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Frank T. Watkins sold 3,000 shares of the business’s stock in a transaction dated Friday, January 20th. The shares were sold at an average price of $176.29, for a total value of $528,870.00. Following the sale, the director now owns 3,796 shares in the company, valued at approximately $669,196.84. The disclosure for this sale can be found here. Insiders have sold a total of 65,678 shares of company stock worth $12,616,643 in the last ninety days. 3.90% of the stock is owned by insiders.

ShockWave Medical Profile

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Shockwave Medical, Inc operates as a medical device company, which focuses on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated. The firm offers M5 catheters for treating above-the-knee peripheral artery disease, C2 catheters for treating coronary artery disease, and S4 catheters or treating below-the-knee peripheral artery disease.