Accuray (ARAY) Upgraded to Buy at 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 Wednesday. The firm currently has a $6.00 price objective on the medical equipment provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 16.50% from the company’s current price.
According to Zacks, “Over the past year, Accuray has underperformed the broader industry. However, Accuray 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 subject of a number of other reports. BidaskClub downgraded Accuray from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Royal Bank of Canada set a $6.00 price objective on Accuray and gave the stock a “hold” rating in a research report on Wednesday, January 24th. JPMorgan Chase & Co. downgraded Accuray from a “neutral” rating to an “underweight” rating and set a $6.00 price objective for the company. in a research report on Wednesday, December 13th. Lake Street Capital began coverage on Accuray in a report on Thursday, November 30th. They set a “buy” rating and a $10.00 target price for the company. Finally, Cowen restated a “buy” rating and set a $9.00 target price on shares of Accuray in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. Accuray currently has a consensus rating of “Hold” and a consensus target price of $7.17.
Accuray (NASDAQ:ARAY) last issued its quarterly earnings data on Tuesday, January 23rd. The medical equipment provider reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. The firm had revenue of $100.33 million during the quarter, compared to the consensus estimate of $90.31 million. Accuray had a negative return on equity of 44.66% and a negative net margin of 6.09%. The company’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period last year, the company earned ($0.11) EPS. analysts predict that Accuray will post -0.19 earnings per share for the current fiscal year.
In related news, CFO Kevin Waters sold 7,154 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $5.06, for a total transaction of $36,199.24. Following the completion of the transaction, the chief financial officer now directly owns 335,087 shares in the company, valued at approximately $1,695,540.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joshua Levine sold 17,093 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $4.86, for a total value of $83,071.98. Following the transaction, the chief executive officer now owns 1,435,428 shares of the company’s stock, valued at $6,976,180.08. The disclosure for this sale can be found here. Insiders have sold a total of 26,413 shares of company stock valued at $129,798 over the last 90 days. 3.90% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Aperio Group LLC purchased a new position in Accuray during the 3rd quarter valued at about $111,000. Teacher Retirement System of Texas purchased a new position in shares of Accuray in the 4th quarter valued at about $128,000. MetLife Investment Advisors LLC purchased a new position in shares of Accuray in the 4th quarter valued at about $160,000. Bank of Nova Scotia purchased a new position in shares of Accuray in the 2nd quarter valued at about $168,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Accuray in the 3rd quarter valued at about $191,000. Institutional investors own 84.99% of the company’s stock.
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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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