Accuray Incorporated (ARAY) Expected to Announce Quarterly Sales of $95.10 Million

Equities research analysts expect Accuray Incorporated (NASDAQ:ARAY) to report $95.10 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Accuray’s earnings. The lowest sales estimate is $94.90 million and the highest is $95.30 million. Accuray posted sales of $90.95 million during the same quarter last year, which suggests a positive year over year growth rate of 4.6%. The firm is expected to report its next earnings results on Tuesday, October 23rd.

On average, analysts expect that Accuray will report full-year sales of $421.40 million for the current fiscal year, with estimates ranging from $420.60 million to $422.20 million. For the next fiscal year, analysts forecast that the company will report sales of $440.50 million, with estimates ranging from $439.40 million to $441.60 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Accuray.

Accuray (NASDAQ:ARAY) last announced its quarterly earnings data on Thursday, August 16th. The medical equipment provider reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. The firm had revenue of $113.79 million during the quarter, compared to the consensus estimate of $108.45 million. Accuray had a negative return on equity of 43.31% and a negative net margin of 5.90%. During the same quarter in the prior year, the company earned ($0.04) EPS.

Several analysts have weighed in on ARAY shares. BidaskClub cut Accuray from a “sell” rating to a “strong sell” rating in a report on Friday, August 17th. Citigroup reduced their price target on Accuray from $4.00 to $3.50 and set a “sell” rating on the stock in a research report on Friday, August 17th. BTIG Research restated a “hold” rating on shares of Accuray in a research report on Wednesday, August 22nd. Zacks Investment Research upgraded Accuray from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 3rd. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $6.00 price objective on shares of Accuray in a research report on Friday, August 17th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $6.68.

In other news, CFO Shigeyuki Hamamatsu sold 8,762 shares of the stock in a transaction that occurred on Tuesday, October 2nd. The stock was sold at an average price of $4.48, for a total value of $39,253.76. Following the sale, the chief financial officer now directly owns 116,238 shares in the company, valued at $520,746.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Joshua Levine sold 17,242 shares of the stock in a transaction that occurred on Wednesday, October 3rd. The stock was sold at an average price of $4.38, for a total value of $75,519.96. Following the completion of the transaction, the chief executive officer now directly owns 1,387,162 shares in the company, valued at approximately $6,075,769.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,790 shares of company stock worth $122,775. Company insiders own 3.90% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc lifted its holdings in shares of Accuray by 6,287.6% during the 1st quarter. Legal & General Group Plc now owns 1,361,381 shares of the medical equipment provider’s stock valued at $6,807,000 after purchasing an additional 1,340,068 shares during the last quarter. BlackRock Inc. grew its position in shares of Accuray by 10.0% during the 1st quarter. BlackRock Inc. now owns 8,090,671 shares of the medical equipment provider’s stock valued at $40,454,000 after acquiring an additional 737,107 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Accuray by 41.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,874,105 shares of the medical equipment provider’s stock valued at $9,371,000 after acquiring an additional 553,814 shares during the period. Systematic Financial Management LP acquired a new stake in shares of Accuray during the 2nd quarter valued at about $1,064,000. Finally, Renaissance Technologies LLC grew its position in shares of Accuray by 4.9% during the 2nd quarter. Renaissance Technologies LLC now owns 4,890,600 shares of the medical equipment provider’s stock valued at $20,051,000 after acquiring an additional 229,700 shares during the period. 83.50% of the stock is currently owned by institutional investors and hedge funds.

Shares of ARAY opened at $4.14 on Tuesday. The stock has a market cap of $389.20 million, a P/E ratio of -15.68 and a beta of 1.70. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.04 and a current ratio of 1.68. Accuray has a 52-week low of $3.20 and a 52-week high of $6.15.

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.

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