“Results: In-Line Revenue with Soft Net Orders; Neutral ARAY’s results the past few years seem to reflect a company hampered by its positioning with low market share, missed guidance, delays by the Chinese government and a tough capital structure that is trying to do all that it can to reaccelerate growth. Our concern is that continued single digit growth with lumpy orders and some quarterly revenue misses just doesn’t excite investors and we are not sure what will accelerate growth meaningfully. We applaud new product innovation and focus on consistent results. With guidance reset earlier in the year, ARAY reported in-line rev but the conversion from orders has taken longer than expected with some geographic softness. ARAY is attempting to increase growth through multiple new products such as Radixact, OnRad, Precision Treatment Planning, and iDMS Data Management. We believe this may help but at the end of the day past execution keeps us at Neutral. FY18 guidance calls for revenue of $390M – $400M (2% – 4%) and gross order growth of 5%. Both seem reasonable but also not layups. We will continue to watch for more consistency and stronger growth that would bring investors back into the story.”,” the firm’s analyst wrote.
ARAY has been the subject of several other research reports. BidaskClub lowered shares of Accuray from a hold rating to a sell rating in a report on Thursday, July 27th. Zacks Investment Research lowered shares of Accuray from a hold rating to a strong sell rating in a report on Monday, July 24th. Jefferies Group LLC restated a buy rating and issued a $7.00 target price on shares of Accuray in a report on Friday, June 30th. Finally, Royal Bank Of Canada restated a hold rating and issued a $5.00 target price on shares of Accuray in a report on Thursday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $6.38.
Shares of Accuray (NASDAQ:ARAY) opened at 4.10 on Thursday. Accuray has a 12 month low of $3.60 and a 12 month high of $6.39. The company’s market cap is $341.03 million. The firm’s 50-day moving average is $4.31 and its 200-day moving average is $4.59.
Accuray (NASDAQ:ARAY) last released its quarterly earnings data on Tuesday, August 22nd. The medical equipment provider reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. The business had revenue of $112.09 million for the quarter, compared to the consensus estimate of $112 million. Accuray had a negative net margin of 7.71% and a negative return on equity of 61.00%. Accuray’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.09) EPS. On average, equities research analysts predict that Accuray will post ($0.19) earnings per share for the current year.
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Several large investors have recently added to or reduced their stakes in ARAY. First Trust Advisors LP purchased a new stake in Accuray during the first quarter valued at about $472,000. Highbridge Capital Management LLC bought a new position in Accuray during the first quarter valued at approximately $445,000. Neuberger Berman Group LLC increased its position in Accuray by 26.7% in the first quarter. Neuberger Berman Group LLC now owns 5,014,941 shares of the medical equipment provider’s stock valued at $23,821,000 after buying an additional 1,057,654 shares in the last quarter. Global X Management Co. LLC increased its position in Accuray by 1,018.7% in the first quarter. Global X Management Co. LLC now owns 44,816 shares of the medical equipment provider’s stock valued at $213,000 after buying an additional 40,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Accuray by 3.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 672,494 shares of the medical equipment provider’s stock valued at $3,093,000 after buying an additional 25,075 shares in the last quarter. Hedge funds and other institutional investors own 77.35% of the company’s stock.
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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