Zacks Investment Research upgraded shares of Accuray (NASDAQ:ARAY) from a hold rating to a buy rating in a research note published on Monday. The brokerage currently has $6.50 target price on the medical equipment provider’s stock.

According to Zacks, “Over the past six months, Accuray has outperformed the broader industry. Additionally, the company reported impressive second quarter of fiscal 2018 results. Also, the company reiterated its guidance for fiscal 2018. 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. Accuray’s significant international presence helps broaden its customer base. On the flip side, long sales and implementation cycles of the CyberKnife and TomoTherapy systems is a headwind. 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.”

ARAY has been the topic of a number of other reports. Lake Street Capital initiated coverage on shares of Accuray in a research note on Thursday, November 30th. They issued a buy rating and a $10.00 price objective on the stock. BidaskClub cut shares of Accuray from a buy rating to a hold rating in a research note on Tuesday, December 12th. JPMorgan Chase & Co. lowered shares of Accuray from a neutral rating to an underweight rating and set a $6.00 target price on the stock. in a report on Wednesday, December 13th. Cowen restated a buy rating and issued a $9.00 target price on shares of Accuray in a report on Friday, October 27th. Finally, Royal Bank of Canada set a $6.00 target price on shares of Accuray and gave the company a hold rating in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $7.21.

Shares of Accuray (NASDAQ ARAY) opened at $5.20 on Monday. The company has a market cap of $495.12, a PE ratio of -17.93 and a beta of 1.77. Accuray has a 12 month low of $3.60 and a 12 month high of $6.15. The company has a quick ratio of 0.92, a current ratio of 1.48 and a debt-to-equity ratio of 2.44.

Accuray (NASDAQ:ARAY) last issued its quarterly earnings data on Tuesday, January 23rd. The medical equipment provider reported ($0.06) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.05. The firm had revenue of $100.33 million for 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 45.20%. The firm’s revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.11) EPS. equities analysts anticipate that Accuray will post -0.19 earnings per share for the current year.

In other news, CEO Joshua Levine sold 17,093 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $4.86, for a total transaction of $83,071.98. Following the transaction, the chief executive officer now directly owns 1,435,428 shares in the company, valued at approximately $6,976,180.08. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kevin Waters sold 7,154 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $5.06, for a total transaction of $36,199.24. Following the transaction, the chief financial officer now owns 335,087 shares in the company, valued at $1,695,540.22. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,413 shares of company stock worth $129,798. 3.90% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Heartland Advisors Inc. lifted its holdings in shares of Accuray by 16.6% during the 4th quarter. Heartland Advisors Inc. now owns 3,396,140 shares of the medical equipment provider’s stock worth $14,603,000 after acquiring an additional 484,500 shares during the period. Alambic Investment Management L.P. raised its holdings in Accuray by 50.6% in the fourth quarter. Alambic Investment Management L.P. now owns 1,192,450 shares of the medical equipment provider’s stock valued at $5,128,000 after buying an additional 400,672 shares during the period. Granite Investment Partners LLC purchased a new position in Accuray in the fourth quarter valued at approximately $977,000. Algert Global LLC purchased a new position in Accuray in the fourth quarter valued at approximately $806,000. Finally, Cowen Prime Services LLC raised its holdings in Accuray by 8.8% in the fourth quarter. Cowen Prime Services LLC now owns 193,599 shares of the medical equipment provider’s stock valued at $832,000 after buying an additional 15,700 shares during the period. Institutional investors and hedge funds own 78.54% of the company’s stock.

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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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