Analysts Set Accuray Incorporated (ARAY) Target Price at $7.40

Shares of Accuray Incorporated (NASDAQ:ARAY) have earned a consensus recommendation of “Hold” from the eight brokerages that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $7.40.

A number of brokerages have commented on ARAY. Zacks Investment Research downgraded shares of Accuray from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. Royal Bank of Canada set a $6.00 price target on shares of Accuray and gave the stock a “hold” rating in a research report on Wednesday, January 24th. Finally, BidaskClub raised shares of Accuray from a “hold” rating to a “buy” rating in a research report on Friday, January 26th.

In other news, CEO Joshua Levine sold 8,675 shares of the company’s stock in a transaction that occurred on Tuesday, April 3rd. The shares were sold at an average price of $4.65, for a total value of $40,338.75. Following the completion of the sale, the chief executive officer now owns 1,426,753 shares of the company’s stock, valued at approximately $6,634,401.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 14,257 shares of company stock valued at $66,295 in the last ninety days. Corporate insiders own 3.90% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in ARAY. Bank of New York Mellon Corp lifted its position in shares of Accuray by 4.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 634,657 shares of the medical equipment provider’s stock worth $2,538,000 after purchasing an additional 25,354 shares during the period. Wells Fargo & Company MN lifted its position in shares of Accuray by 52.5% in the 3rd quarter. Wells Fargo & Company MN now owns 94,664 shares of the medical equipment provider’s stock worth $379,000 after purchasing an additional 32,605 shares during the period. Neuberger Berman Group LLC lifted its position in shares of Accuray by 9.9% in the 3rd quarter. Neuberger Berman Group LLC now owns 5,272,695 shares of the medical equipment provider’s stock worth $21,091,000 after purchasing an additional 473,008 shares during the period. Schwab Charles Investment Management Inc. lifted its position in shares of Accuray by 14.0% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 422,245 shares of the medical equipment provider’s stock worth $1,816,000 after purchasing an additional 51,917 shares during the period. Finally, Cowen Prime Services LLC lifted its position in shares of Accuray by 8.8% in the 4th quarter. Cowen Prime Services LLC now owns 193,599 shares of the medical equipment provider’s stock worth $832,000 after purchasing an additional 15,700 shares during the period. 82.00% of the stock is owned by hedge funds and other institutional investors.

ARAY stock remained flat at $$5.05 during mid-day trading on Wednesday. 151,801 shares of the company’s stock were exchanged, compared to its average volume of 448,474. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.54 and a quick ratio of 0.99. The company has a market cap of $430.73, a P/E ratio of -14.03 and a beta of 1.73. Accuray has a twelve month low of $3.60 and a twelve month high of $6.15.

Accuray (NASDAQ:ARAY) last issued its earnings results on Tuesday, January 23rd. The medical equipment provider reported ($0.06) EPS for the quarter, topping the Zacks’ 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 for the quarter was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) EPS. analysts expect that Accuray will post -0.19 earnings per share for the current fiscal year.

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About Accuray

Accuray Incorporated designs, develops, and sells radiosurgery and radiation therapy systems for the treatment of tumors in the body. The company offers the CyberKnife System, a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for the treatment of various types of cancer and tumors in the body.

Analyst Recommendations for Accuray (NASDAQ:ARAY)

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