Kingsview Wealth Management LLC has recently acquired a new stake in Shockwave Medical, Inc. (NASDAQ:SWAV), according to the company’s Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,318 shares of the medical device company’s stock, valued at approximately $271,000 during the fourth quarter.
Shockwave Medical focuses on developing and commercializing products that aim to revolutionize the treatment of calcified cardiovascular disease. Their line-up includes M5 catheters for treating above-the-knee peripheral artery disease, C2 catheters designed to treat coronary artery disease, and S4 catheters that treat below-the-knee peripheral artery disease.
As for insider trading news from the medical device company, Isaac Zacharias sold 4,000 shares of SWAV stock in a recent transaction that took place on May 26th. The shares were sold at an average price of $277.53 each amounting to a total sale of $1,110,120. Following this transaction, Zacharias now stands as a direct holder of 65,223 shares in the company valued at $18,101,339.19 as per his disclosure filed with the Securities & Exchange Commission via this link.
In addition to Zacharias’ trading actions mentioned above – Dan Puckett also sold 1,100 shares for an average price of $200.74 back on March 20th as well as other unnamed insiders selling an additional total of 27,466 shares valued at a staggering figure of around $7 million over just ninety days; which lead us to ponder if these collective decision making is indicative of an internal development or foreseeable industry outlook?
As of June 12th, it remains uncertain what led Kingsview Wealth Management LLC to make this investment into Shockwave Medical Inc., and whether they have any plans for further involvement or transactions concerning their newly acquired stake in the company. Nevertheless, the future of Shockwave Medical Inc. appears to be widely speculated across both mainstream and financial media outlets alike.
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Innovative Medical Device Company, Shockwave Medical, Inc., Garners Attention from Institutional Investors with Impressive Financial Performance
Shockwave Medical, Inc. is making waves in the medical device industry with its innovative products aimed at transforming the way calcified cardiovascular disease is treated. The company’s M5 catheters for treating above-the-knee peripheral artery disease, C2 catheters for tackling coronary artery disease, and S4 catheters for below-the-knee peripheral artery disease are garnering attention from institutional investors and hedge funds alike who are keen to add to or reduce their stakes in the company.
According to a Bloomberg.com report, Shockwave Medical presently has a consensus rating of “Moderate Buy” and a consensus price target of $273.78. Canaccord Genuity Group recently boosted its target price on shares of Shockwave Medical from $247.00 to $252.00 while Deutsche Bank Aktiengesellschaft upped their price objective from $285.00 to $310.00 in a research note on May 9th.
The company’s Q1 2023 earnings report revealed revenue growth of over 72% on a year-over-year basis, with net margins at an impressive 43.18%. The firm also reported an EPS of $1.03 for Q1 2023, surpassing analysts’ expectations by $0.22.
Shares of NASDAQ:SWAV closed at $286.92 on June 12th, trading down -$3.56 (or -1.23%), with a trading volume of 157,926 shares, compared to its average volume of 533,124.
Shockwave Medical’s recent successes have attracted interest from institutional investors such as Commonwealth Equity Services LLC and Lazard Asset Management LLC who have grown their stakes in the company by over 200% in recent quarters.
As Shockwave Medical continues to make waves with its innovative products and impressive financial performance, it will be interesting to see how the market reacts and whether we’ll see even more institutional investment in the company.