Accuray (NASDAQ:ARAY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $5.75 price objective on the medical equipment provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.75% 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.”
Several other research firms also recently commented on ARAY. BidaskClub downgraded shares of Accuray from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Cowen reaffirmed a “buy” rating and set a $9.00 price objective on shares of Accuray in a report on Friday, October 27th. Lake Street Capital assumed coverage on shares of Accuray in a report on Thursday, November 30th. They set a “buy” rating and a $10.00 price objective on the stock. JPMorgan Chase & Co. downgraded shares of Accuray from a “neutral” rating to an “underweight” rating and set a $6.00 price target on the stock. in a report on Wednesday, December 13th. Finally, Royal Bank of Canada set a $6.00 price target on shares of Accuray and gave the stock a “hold” rating in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $7.13.
Accuray (NASDAQ:ARAY) last released its quarterly earnings data 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. The business had revenue of $100.33 million for the quarter, compared to the consensus estimate of $90.31 million. Accuray had a negative net margin of 6.09% and a negative return on equity of 44.66%. The company’s revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) earnings per share. equities research analysts expect that Accuray will post -0.19 EPS for the current fiscal year.
In other news, 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 sale, the chief financial officer now directly owns 335,087 shares of the company’s stock, valued at $1,695,540.22. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction of $83,071.98. Following the completion of the sale, the chief executive officer now directly owns 1,435,428 shares in the company, valued at $6,976,180.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,413 shares of company stock worth $129,798. Insiders own 3.90% of the company’s stock.
Several institutional investors have recently made changes to their positions in ARAY. Aperio Group LLC purchased a new stake in shares of Accuray in the third quarter worth about $111,000. Teacher Retirement System of Texas bought a new position in shares of Accuray in the fourth quarter worth approximately $128,000. Bank of Nova Scotia bought a new position in shares of Accuray in the second quarter worth approximately $168,000. AHL Partners LLP increased its position in shares of Accuray by 28.4% in the second quarter. AHL Partners LLP now owns 39,823 shares of the medical equipment provider’s stock worth $189,000 after purchasing an additional 8,817 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Accuray in the third quarter worth approximately $191,000. 80.49% of the stock is currently owned by hedge funds and other institutional investors.
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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