Shockwave Medical, Inc. to Post Q3 2023 Earnings of $0.88 Per Share, Zacks Research Forecasts (NASDAQ:SWAV)

Posted by Defense World Staff on May 25th, 2023

Shockwave Medical, Inc. (NASDAQ:SWAV – Get Rating) – Stock analysts at Zacks Research decreased their Q3 2023 EPS estimates for shares of Shockwave Medical in a research report issued to clients and investors on Monday, May 22nd. Zacks Research analyst I. Bandyopadhyay now expects that the company will post earnings of $0.88 per share for the quarter, down from their previous forecast of $0.90. The consensus estimate for Shockwave Medical’s current full-year earnings is $4.03 per share. Zacks Research also issued estimates for Shockwave Medical’s Q4 2023 earnings at $1.08 EPS, Q1 2024 earnings at $0.82 EPS, Q1 2025 earnings at $1.15 EPS and FY2025 earnings at $5.57 EPS.

Shockwave Medical (NASDAQ:SWAV – Get Rating) last released its quarterly earnings data on Monday, May 8th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.22. The company had revenue of $161.10 million during the quarter, compared to analysts’ expectations of $147.30 million. Shockwave Medical had a net margin of 43.18% and a return on equity of 55.22%. The firm’s quarterly revenue was up 72.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 EPS.

Other equities research analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of Shockwave Medical from $285.00 to $310.00 in a research report on Tuesday, May 9th. Bank of America upped their price target on shares of Shockwave Medical from $235.00 to $275.00 and gave the stock a “buy” rating in a research report on Tuesday, April 11th. Piper Sandler boosted their price objective on shares of Shockwave Medical from $280.00 to $315.00 in a research note on Tuesday, May 9th. Needham & Company LLC boosted their price objective on shares of Shockwave Medical from $283.00 to $325.00 in a research note on Tuesday, May 9th. Finally, TheStreet upgraded shares of Shockwave Medical from a “c” rating to a “b-” rating in a research note on Friday, March 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $266.33.

Shockwave Medical Price Performance

Shockwave Medical stock opened at $281.50 on Thursday. The stock has a market cap of $10.30 billion, a price-to-earnings ratio of 44.40, a price-to-earnings-growth ratio of 24.97 and a beta of 0.99. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.16 and a quick ratio of 3.57. Shockwave Medical has a 1 year low of $154.45 and a 1 year high of $320.54. The firm has a 50-day moving average of $255.34 and a two-hundred day moving average of $226.43.

Institutional Trading of Shockwave Medical

Several large investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in Shockwave Medical during the fourth quarter worth $104,982,000. JPMorgan Chase & Co. boosted its holdings in Shockwave Medical by 57.9% during the first quarter. JPMorgan Chase & Co. now owns 1,273,747 shares of the company’s stock worth $276,185,000 after buying an additional 467,237 shares in the last quarter. State Street Corp boosted its holdings in Shockwave Medical by 56.5% during the second quarter. State Street Corp now owns 1,125,735 shares of the company’s stock worth $215,207,000 after buying an additional 406,327 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in Shockwave Medical by 58.3% during the first quarter. Artisan Partners Limited Partnership now owns 1,057,470 shares of the company’s stock worth $229,291,000 after buying an additional 389,636 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Shockwave Medical by 37.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,394,767 shares of the company’s stock worth $302,428,000 after buying an additional 382,374 shares in the last quarter. 90.56% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Shockwave Medical

In other Shockwave Medical news, insider Isaac Zacharias sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $188.51, for a total transaction of $754,040.00. Following the transaction, the insider now owns 64,619 shares in the company, valued at approximately $12,181,327.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Frank T. Watkins sold 3,000 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $278.32, for a total value of $834,960.00. Following the sale, the director now directly owns 3,796 shares of the company’s stock, valued at approximately $1,056,502.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Isaac Zacharias sold 4,000 shares of the company’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $188.51, for a total transaction of $754,040.00. Following the completion of the sale, the insider now directly owns 64,619 shares in the company, valued at $12,181,327.69. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,466 shares of company stock worth $6,763,029. 3.40% of the stock is owned by corporate insiders.

About Shockwave Medical

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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.