Zacks Investment Research upgraded shares of Accuray (NASDAQ:ARAY) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $6.25 price objective on the medical equipment provider’s stock.
According to Zacks, “Over the past year, Accuray has underperformed the industry in which it belongs, courtesy of cutthroat competition in the niche space. Long sales and implementation cycles of the CyberKnife and TomoTherapy systems is a headwind. This is will keep margins under pressure. 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. However, 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. A series of software upgradation has been another growth driver for Accuray. These upgrades include integrated data management system (IDMS) and Accuray Precision Treatment Planning Software. “
A number of other analysts have also recently commented on the stock. BidaskClub cut shares of Accuray from a buy rating to a hold rating in a research note on Thursday, February 8th. Royal Bank of Canada set a $6.00 target price on shares of Accuray and gave the stock a hold rating in a research note on Wednesday, January 24th. JPMorgan Chase & Co. cut shares of Accuray from a neutral rating to an underweight rating and set a $6.00 target price for the company. in a research note on Wednesday, December 13th. Finally, Lake Street Capital assumed coverage on shares of Accuray in a research note on Thursday, November 30th. They set a buy rating and a $10.00 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $7.21.
Accuray (NASDAQ:ARAY) last released its earnings results on Tuesday, January 23rd. The medical equipment provider reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. The business had revenue of $100.33 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.11) earnings per share. research analysts forecast that Accuray will post -0.19 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Accuray by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 6,728,919 shares of the medical equipment provider’s stock valued at $31,962,000 after acquiring an additional 281,789 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Accuray by 28.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 995,904 shares of the medical equipment provider’s stock valued at $3,982,000 after acquiring an additional 222,424 shares in the last quarter. Spark Investment Management LLC grew its stake in Accuray by 28.9% during the 4th quarter. Spark Investment Management LLC now owns 864,000 shares of the medical equipment provider’s stock valued at $3,715,000 after acquiring an additional 193,600 shares in the last quarter. Northern Trust Corp grew its stake in Accuray by 4.5% during the 2nd quarter. Northern Trust Corp now owns 1,048,694 shares of the medical equipment provider’s stock valued at $4,981,000 after acquiring an additional 45,134 shares in the last quarter. Finally, Algert Global LLC purchased a new stake in Accuray during the 4th quarter valued at about $806,000. 80.87% of the stock is 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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