Accuray (ARAY) Stock Rating Upgraded by Zacks Investment Research

Accuray (NASDAQ:ARAY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage presently has a $6.50 price target on the medical equipment provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 26.95% from the company’s previous close.

According to Zacks, “Over the past six months, Accuray has outperformed the broader industry. Additionally, the company reported impressive second quarter of fiscal 2018 results. Also, the company reiterated its guidance for fiscal 2018. Accuray rides on the market’s solid response to the Radixact platform. Growing adoption of non-surgical treatment options, successful execution of restructuring plans and accretive acquisitions are other positives. Accuray’s significant international presence helps broaden its customer base. On the flip side, long sales and implementation cycles of the CyberKnife and TomoTherapy systems is a headwind. Fluctuations in currency exchange rates will continue to adversely impact Accuray’s backlog. Furthermore, unfavorable product mix, declining service revenues, sluggish macro-economic conditions and pricing headwinds are major concerns.”

ARAY has been the topic of several other research reports. Lake Street Capital started coverage on Accuray in a research note on Thursday, November 30th. They set a “buy” rating and a $10.00 target price on the stock. BidaskClub lowered Accuray from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. JPMorgan Chase & Co. lowered Accuray from a “neutral” rating to an “underweight” rating and set a $6.00 target price on the stock. in a research note on Wednesday, December 13th. Cowen reissued a “buy” rating and set a $9.00 target price on shares of Accuray in a research note on Friday, October 27th. Finally, Royal Bank of Canada set a $6.00 target price on Accuray and gave the stock a “hold” rating in a research note on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $7.21.

Shares of Accuray (NASDAQ:ARAY) traded down $0.78 during trading on Monday, hitting $5.12. The stock had a trading volume of 1,354,409 shares, compared to its average volume of 1,349,756. Accuray has a twelve month low of $3.60 and a twelve month high of $6.15. The firm has a market cap of $494.15, a price-to-earnings ratio of -18.62 and a beta of 1.76. The company has a current ratio of 1.48, a quick ratio of 0.92 and a debt-to-equity ratio of 2.44.

Accuray (NASDAQ:ARAY) last announced its quarterly earnings results on Tuesday, January 23rd. The medical equipment provider reported ($0.06) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.05. Accuray had a negative return on equity of 45.20% and a negative net margin of 6.09%. The business had revenue of $100.33 million for the quarter, compared to analyst estimates of $90.31 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The company’s quarterly revenue was up 14.7% on a year-over-year basis. research analysts expect that Accuray will post -0.19 earnings per share for the current year.

In other Accuray news, CEO Joshua Levine sold 17,093 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $4.86, for a total value of $83,071.98. Following the sale, the chief executive officer now owns 1,435,428 shares of the company’s stock, valued at approximately $6,976,180.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin Waters sold 7,154 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $5.06, for a total value of $36,199.24. Following the completion of the sale, the chief financial officer now directly owns 335,087 shares in the company, valued at approximately $1,695,540.22. The disclosure for this sale can be found here. Insiders sold a total of 26,413 shares of company stock worth $129,798 in the last ninety days. 3.90% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of ARAY. Aperio Group LLC purchased a new position in shares of Accuray in the 3rd quarter valued at about $111,000. Bank of Nova Scotia purchased a new position in shares of Accuray in the 2nd quarter valued at about $168,000. AHL Partners LLP increased its holdings in shares of Accuray by 28.4% in the 2nd 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 last quarter. UBS Asset Management Americas Inc. increased its holdings in shares of Accuray by 253.5% in the 2nd 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 last quarter. Finally, Voya Investment Management LLC increased its holdings in shares of Accuray by 16.4% in the 2nd 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 last quarter. 78.54% of the stock is currently owned by institutional investors.

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Accuray Company Profile

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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