Accuray Incorporated (ARAY) Stock Rating Upgraded by Zacks Investment Research
Accuray Incorporated (NASDAQ:ARAY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $4.75 price objective on the medical equipment provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.76% from the stock’s current price.
According to Zacks, “Over the past year, Accuray has underperformed the broader industry with respect to price. Notably, the company issued solid fiscal 2018 guidance in the last quarter. Of the recent developments, orders for the latest Radixact System, solid revenue performance in APAC and Japanese regulatory approval for Radixact deserve a mention. Growing adoption of non-surgical treatment options among cancer patients, increasing demand for Accuray’s latest offerings, successful execution of restructuring plans and accretive acquisitions are other positives. Accuray’s significant international presence helps broaden its customer base. However, fluctuations in currency exchange rates, particularly with a strong dollar, will continue to adversely impact the company’s backlog and top line. Furthermore, unfavorable product mix, declining service revenues, sluggish macro economic conditions and pricing headwinds are major concerns.”
A number of other research firms have also recently issued reports on ARAY. BidaskClub cut Accuray from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and set a $7.00 price objective on shares of Accuray in a research report on Wednesday, August 9th. Royal Bank Of Canada restated a “hold” rating and set a $5.00 price objective on shares of Accuray in a research report on Thursday, August 24th. Finally, BTIG Research restated a “hold” rating on shares of Accuray in a research report on Thursday, August 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Accuray presently has an average rating of “Hold” and a consensus target price of $5.75.
Accuray (ARAY) traded down 0.588% during mid-day trading on Tuesday, hitting $4.225. 333,836 shares of the stock were exchanged. Accuray has a one year low of $3.60 and a one year high of $6.00. The company has a 50-day moving average price of $4.25 and a 200-day moving average price of $4.32. The company’s market cap is $351.43 million.
Accuray (NASDAQ:ARAY) last released its quarterly earnings data on Tuesday, August 22nd. The medical equipment provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.05). The firm had revenue of $112.09 million for the quarter, compared to the consensus estimate of $112.00 million. Accuray had a negative net margin of 7.71% and a negative return on equity of 61.62%. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. On average, analysts predict that Accuray will post ($0.20) earnings per share for the current fiscal year.
In other Accuray news, COO Kelly Londy sold 99,136 shares of the company’s stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $4.24, for a total value of $420,336.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 3.90% of the company’s stock.
A number of large investors have recently made changes to their positions in ARAY. Goldman Sachs Group Inc. grew its position in Accuray by 116.3% in the first quarter. Goldman Sachs Group Inc. now owns 30,173 shares of the medical equipment provider’s stock valued at $143,000 after acquiring an additional 16,223 shares during the period. Bank of Nova Scotia bought a new stake in Accuray in the second quarter valued at $168,000. AHL Partners LLP grew its position in Accuray by 28.4% in the second quarter. AHL Partners LLP now owns 39,823 shares of the medical equipment provider’s stock valued at $189,000 after acquiring an additional 8,817 shares during the period. UBS Asset Management Americas Inc. grew its position in Accuray by 253.5% in the second quarter. UBS Asset Management Americas Inc. now owns 41,697 shares of the medical equipment provider’s stock valued at $198,000 after acquiring an additional 29,900 shares during the period. Finally, Voya Investment Management LLC grew its position in Accuray by 16.4% in the second quarter. Voya Investment Management LLC now owns 44,373 shares of the medical equipment provider’s stock valued at $211,000 after acquiring an additional 6,262 shares during the period. Hedge funds and other institutional investors own 76.64% of the company’s stock.
Accuray Incorporated is a radiation oncology company. The Company develops, manufactures and markets medical devices used in radiation therapy for the treatment of cancer patients. Its products include the CyberKnife Systems, the TomoTherapy Systems, and the Radixact Delivery Treatment Platform. Its technologies, the CyberKnife and TomoTherapy Systems, are designed to deliver treatments, including stereotactic radiosurgery (SRS), stereotactic body radiation therapy (SBRT), intensity modulated radiation therapy (IMRT), image guided radiation therapy (IGRT) and adaptive radiation therapy.
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