Zacks Investment Research upgraded shares of Accuray Inc. (NASDAQ:ARAY) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Accuray reported wider loss in the fourth quarter of fiscal 2016, primarily due to declining revenues. Unfavorable product mix, declining product revenues, sluggish macro economic conditions and pricing headwinds are the major concerns in our view. However, gross orders increased in the quarter driven by growing adoption of TomoTherapy and Multileaf Collimator (MLC) equipped CyberKnife systems. We believe, a broad product portfolio, growing customer base (especially in EIMEA region), stringent cost control and international expansions will drive growth. Additionally, the company recently received the much-awaited 510(k) clearance for its Radixact Treatment delivery platform, which is also a noteworthy development as it foresees opportunities to boost product revenues over the long haul.”
ARAY has been the topic of several other reports. Morgan Stanley set a $8.00 price target on Accuray and gave the company a hold rating in a research note on Thursday, August 18th. Cowen and Company began coverage on Accuray in a research note on Tuesday, September 13th. They issued an outperform rating and a $9.00 price target on the stock. Finally, Jefferies Group reissued a buy rating and issued a $8.00 price target on shares of Accuray in a research note on Tuesday, September 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $8.46.
Shares of Accuray (NASDAQ:ARAY) opened at 5.00 on Tuesday. The firm’s market capitalization is $407.88 million. The firm has a 50-day moving average of $5.66 and a 200-day moving average of $5.47. Accuray has a 1-year low of $4.75 and a 1-year high of $7.54.
Accuray (NASDAQ:ARAY) last issued its quarterly earnings results on Thursday, October 27th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by $0.02. Accuray had a negative net margin of 5.66% and a negative return on equity of 36.76%. The business earned $86.50 million during the quarter, compared to analyst estimates of $37.34 million. During the same period last year, the firm posted ($0.12) earnings per share. Accuray’s quarterly revenue was down 3.5% compared to the same quarter last year. On average, equities research analysts anticipate that Accuray will post ($0.17) EPS for the current fiscal year.
A number of large investors have recently made changes to their positions in ARAY. Menta Capital LLC bought a new stake in shares of Accuray during the first quarter valued at about $577,000. Pictet Asset Management Ltd. increased its stake in shares of Accuray by 32.0% in the first quarter. Pictet Asset Management Ltd. now owns 879,741 shares of the company’s stock valued at $4,443,000 after buying an additional 213,424 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Accuray by 12.1% in the first quarter. Goldman Sachs Group Inc. now owns 297,582 shares of the company’s stock valued at $1,720,000 after buying an additional 32,172 shares during the period. Bogle Investment Management L P DE bought a new stake in shares of Accuray during the first quarter valued at about $2,822,000. Finally, Kennedy Capital Management Inc. increased its stake in shares of Accuray by 3.2% in the first quarter. Kennedy Capital Management Inc. now owns 1,144,308 shares of the company’s stock valued at $6,614,000 after buying an additional 35,856 shares during the period. Institutional investors and hedge funds own 92.49% of the company’s stock.
Accuray Incorporated is a radiation oncology company. The Company develops, manufactures, sells and supports treatment solutions. Its suite of products includes the CyberKnife Systems and the TomoTherapy Systems. Its technologies, the CyberKnife and TomoTherapy Systems, are designed to deliver treatments, including radiosurgery, stereotactic body radiation therapy, intensity modulated radiation therapy, image guided radiation therapy and adaptive radiation therapy.