Intuitive Surgical (NASDAQ:ISRG) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Intuitive Surgical (NASDAQ:ISRG) from a strong-buy rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports. The firm currently has $1,077.00 price objective on the medical equipment provider’s stock.

According to Zacks, “Intuitive Surgical ended the second quarter on a solid note, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. The company’s revenue growth in the second quarter of 2021 reflected procedure growth and higher-than-expected system placements. Strong segmental performance was seen during the second quarter. Intuitive Surgical recorded uptick in da Vinci procedure volume in the second quarter. Expansion in both gross and operating margins bodes well. Per management, the quarter exhibited both the demand for superior quality minimally invasive procedures along with a return to surgeries that were deferred during the pandemic. Shares of the company outperformed the industry over the past six months. Yet, stiff competition in the global MedTech space and rising costs continue to raise concern.”

Several other analysts also recently commented on ISRG. Citigroup increased their price objective on Intuitive Surgical from $939.00 to $1,100.00 and gave the stock a buy rating in a research note on Wednesday, July 21st. Stifel Nicolaus increased their price target on Intuitive Surgical from $960.00 to $1,060.00 and gave the company a buy rating in a research report on Wednesday, July 14th. Deutsche Bank Aktiengesellschaft increased their price target on Intuitive Surgical from $825.00 to $925.00 and gave the company a hold rating in a research report on Thursday, July 22nd. SVB Leerink increased their price target on Intuitive Surgical from $975.00 to $1,040.00 and gave the company a market perform rating in a research report on Thursday, August 26th. Finally, Piper Sandler increased their price target on Intuitive Surgical from $840.00 to $970.00 and gave the company a neutral rating in a research report on Wednesday, July 21st. They noted that the move was a valuation call. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Intuitive Surgical has a consensus rating of Hold and an average target price of $958.94.

Shares of Intuitive Surgical stock opened at $1,043.33 on Tuesday. The company has a market cap of $124.15 billion, a PE ratio of 77.98, a price-to-earnings-growth ratio of 7.54 and a beta of 1.05. Intuitive Surgical has a 52 week low of $653.00 and a 52 week high of $1,087.01. The business has a 50 day moving average price of $1,022.16 and a 200-day moving average price of $898.28.

Intuitive Surgical’s stock is scheduled to split before the market opens on Tuesday, October 5th. The 3-1 split was announced on Thursday, August 5th. The newly issued shares will be payable to shareholders after the closing bell on Monday, October 4th.

Intuitive Surgical (NASDAQ:ISRG) last issued its quarterly earnings data on Monday, July 19th. The medical equipment provider reported $3.92 EPS for the quarter, topping the consensus estimate of $3.06 by $0.86. The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.26 billion. Intuitive Surgical had a return on equity of 16.18% and a net margin of 31.43%. The company’s quarterly revenue was up 71.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.11 earnings per share. Equities analysts expect that Intuitive Surgical will post 14.03 EPS for the current fiscal year.

In related news, EVP Robert Desantis sold 397 shares of Intuitive Surgical stock in a transaction on Thursday, August 26th. The stock was sold at an average price of $1,048.12, for a total transaction of $416,103.64. Following the completion of the sale, the executive vice president now owns 761 shares of the company’s stock, valued at $797,619.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mark J. Rubash sold 1,196 shares of Intuitive Surgical stock in a transaction on Thursday, September 9th. The shares were sold at an average price of $1,083.16, for a total value of $1,295,459.36. Following the sale, the director now directly owns 5,047 shares of the company’s stock, valued at approximately $5,466,708.52. The disclosure for this sale can be found here. Insiders sold 23,342 shares of company stock valued at $23,082,351 over the last ninety days. Corporate insiders own 0.80% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Karp Capital Management Corp lifted its stake in Intuitive Surgical by 11.9% during the first quarter. Karp Capital Management Corp now owns 4,650 shares of the medical equipment provider’s stock worth $3,436,000 after purchasing an additional 493 shares during the last quarter. Royal Bank of Canada lifted its stake in Intuitive Surgical by 3.6% during the first quarter. Royal Bank of Canada now owns 316,962 shares of the medical equipment provider’s stock worth $234,216,000 after purchasing an additional 11,041 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Intuitive Surgical by 8.7% during the first quarter. Public Employees Retirement System of Ohio now owns 74,775 shares of the medical equipment provider’s stock worth $55,254,000 after purchasing an additional 5,958 shares during the last quarter. RMR Wealth Builders lifted its stake in Intuitive Surgical by 12.6% during the first quarter. RMR Wealth Builders now owns 1,802 shares of the medical equipment provider’s stock worth $1,332,000 after purchasing an additional 201 shares during the last quarter. Finally, WealthPLAN Partners LLC lifted its stake in Intuitive Surgical by 19.5% during the first quarter. WealthPLAN Partners LLC now owns 2,357 shares of the medical equipment provider’s stock worth $2,001,000 after purchasing an additional 385 shares during the last quarter. 83.91% of the stock is owned by hedge funds and other institutional investors.

Intuitive Surgical Company Profile

Intuitive Surgical, Inc engages in the development, manufacture, and marketing of da Vinci Surgical Systems, and related instruments and accessories for invasive surgery. Its products include Da Vinci and Ion. The company was founded by Frederic H. Moll, John Gordon Freund, and Robert G. Younge in November 1995 and is headquartered in Sunnyvale, CA.

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