Intuitive Surgical Inc. (ISRG) Downgraded by Zacks Investment Research
Intuitive Surgical Inc. (NASDAQ:ISRG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Intuitive Surgical reported impressive second quarter 2016 results. We believe incremental spending on product development and higher investment on expanding the company’s footprint in international markets (particularly in Europe) are prudent moves that will drive long-term growth. Further, growing adoption of the da Vinci system among physicians for general surgery and thoracic procedures is a key growth catalyst. Moreover, the integrated Table Motion product has gained significant traction within a short span of time, which will boost top-line growth. However, management’s guidance for the second half of the year disappointed us. Gross margin is also forecasted to decline in the back half. Moreover, higher spending on product development can weigh on margin in the near term.”
ISRG has been the topic of a number of other research reports. Piper Jaffray Cos. restated a “neutral” rating and set a $700.00 target price (up previously from $610.00) on shares of Intuitive Surgical in a research note on Wednesday, July 20th. Bank of America Corp. restated a “buy” rating on shares of Intuitive Surgical in a research note on Monday, June 6th. Barclays PLC raised their target price on shares of Intuitive Surgical from $690.00 to $750.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 20th. Canaccord Genuity restated a “buy” rating and set a $700.00 target price on shares of Intuitive Surgical in a research note on Tuesday, June 7th. Finally, Northland Securities cut shares of Intuitive Surgical from a “market perform” rating to an “under perform” rating and set a $600.00 target price on the stock. in a research note on Thursday, July 21st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the stock. Intuitive Surgical presently has a consensus rating of “Buy” and a consensus target price of $701.42.
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Shares of Intuitive Surgical (NASDAQ:ISRG) traded up 0.7350% during midday trading on Tuesday, hitting $698.6478. 209,914 shares of the stock were exchanged. Intuitive Surgical has a 1-year low of $447.00 and a 1-year high of $720.01. The firm has a 50-day moving average of $688.34 and a 200-day moving average of $647.09. The company has a market capitalization of $26.89 billion, a P/E ratio of 39.6486 and a beta of 0.73.
Intuitive Surgical (NASDAQ:ISRG) last released its earnings results on Tuesday, July 19th. The company reported $5.62 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.65. Intuitive Surgical had a net margin of 26.80% and a return on equity of 15.25%. The company had revenue of $670 million for the quarter, compared to analysts’ expectations of $640.69 million. During the same quarter last year, the business earned $4.57 EPS. On average, equities analysts expect that Intuitive Surgical will post $21.30 EPS for the current year.
In other Intuitive Surgical news, CFO Marshall Mohr sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $684.09, for a total value of $3,420,450.00. Following the completion of the transaction, the chief financial officer now directly owns 6,725 shares in the company, valued at $4,600,505.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gary S. Guthart sold 13,400 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $698.00, for a total transaction of $9,353,200.00. Following the completion of the transaction, the chief executive officer now owns 78,780 shares of the company’s stock, valued at $54,988,440. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Intuitive Surgical during the fourth quarter valued at about $156,928,000. Capstone Asset Management Co. increased its position in Intuitive Surgical by 7.1% in the first quarter. Capstone Asset Management Co. now owns 3,411 shares of the company’s stock valued at $2,050,000 after buying an additional 227 shares during the period. Forte Capital LLC ADV increased its position in Intuitive Surgical by 0.3% in the first quarter. Forte Capital LLC ADV now owns 1,489 shares of the company’s stock valued at $895,000 after buying an additional 5 shares during the period. Appropriate Balance Financial Services Inc. bought a new position in Intuitive Surgical during the first quarter valued at about $923,000. Finally, Jag Capital Management LLC increased its position in Intuitive Surgical by 93.8% in the first quarter. Jag Capital Management LLC now owns 23,199 shares of the company’s stock valued at $13,944,000 after buying an additional 11,226 shares during the period. Institutional investors and hedge funds own 92.28% of the company’s stock.
About Intuitive Surgical
Intuitive Surgical, Inc (Intuitive) designs, manufactures and markets da Vinci Surgical Systems, and related instruments and accessories. The Company’s da Vinci Surgical System consists of a surgeon’s console, a patient-side cart and a vision system. The da Vinci Surgical System translates a surgeon’s hand movements, which are performed on instrument controls at a console, into corresponding micro-movements of instruments positioned inside the patient through small incisions or ports.
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