Zacks Investment Research Downgrades Intuitive Surgical (NASDAQ:ISRG) to Hold

Intuitive Surgical (NASDAQ:ISRG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports. They currently have a $1,077.00 price target on the medical equipment provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 5.77% from the company’s previous close.

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 equities research analysts have also recently weighed in on ISRG. Evercore ISI increased their price objective on Intuitive Surgical from $825.00 to $980.00 and gave the stock an “in-line” rating in a report on Wednesday, July 21st. Citigroup increased their target price on Intuitive Surgical from $939.00 to $1,100.00 and gave the stock a “buy” rating in a research report on Wednesday, July 21st. Wells Fargo & Company raised their price objective on Intuitive Surgical from $916.00 to $1,060.00 and gave the company an “overweight” rating in a research report on Wednesday, July 21st. Robert W. Baird raised their price target on Intuitive Surgical from $825.00 to $1,050.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 21st. Finally, The Goldman Sachs Group lifted their target price on Intuitive Surgical from $953.00 to $1,090.00 and gave the company a “buy” rating in a research report on Wednesday, July 14th. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Intuitive Surgical presently has a consensus rating of “Hold” and an average price target of $958.94.

Shares of NASDAQ:ISRG traded up $4.24 during midday trading on Tuesday, reaching $1,018.23. 8,061 shares of the company traded hands, compared to its average volume of 541,400. The firm has a market capitalization of $121.16 billion, a price-to-earnings ratio of 76.24, a price-to-earnings-growth ratio of 7.54 and a beta of 1.05. The firm’s fifty day moving average price is $1,015.85 and its two-hundred day moving average price is $891.69. Intuitive Surgical has a 12 month low of $633.29 and a 12 month high of $1,087.01.

Shares of Intuitive Surgical are going to split on the morning of Tuesday, October 5th. The 3-1 split was announced on Thursday, August 5th. The newly created shares will be payable to shareholders after the market closes on Monday, October 4th.

Intuitive Surgical (NASDAQ:ISRG) last issued its earnings results on Monday, July 19th. The medical equipment provider reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.06 by $0.86. The company had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Intuitive Surgical had a return on equity of 16.18% and a net margin of 31.43%. Intuitive Surgical’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 EPS. As a group, equities analysts anticipate that Intuitive Surgical will post 14.03 earnings per share for the current year.

In other news, Director Craig H. Barratt sold 1,275 shares of the company’s stock in a transaction on Friday, July 23rd. The stock was sold at an average price of $967.20, for a total transaction of $1,233,180.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Marshall Mohr sold 6,825 shares of the company’s stock in a transaction on Monday, July 26th. The stock was sold at an average price of $963.38, for a total value of $6,575,068.50. The disclosure for this sale can be found here. Insiders have sold 23,342 shares of company stock valued at $23,082,351 in the last 90 days. Company insiders own 0.80% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parametric Portfolio Associates LLC increased its position in shares of Intuitive Surgical by 5.1% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 414,647 shares of the medical equipment provider’s stock valued at $381,326,000 after acquiring an additional 20,291 shares during the period. IronBridge Private Wealth LLC acquired a new position in shares of Intuitive Surgical in the 2nd quarter valued at $4,767,000. Sawtooth Solutions LLC increased its position in shares of Intuitive Surgical by 24.4% in the 2nd quarter. Sawtooth Solutions LLC now owns 505 shares of the medical equipment provider’s stock valued at $464,000 after acquiring an additional 99 shares during the period. B. Metzler seel. Sohn & Co. Holding AG increased its position in shares of Intuitive Surgical by 3.1% in the 2nd quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 15,148 shares of the medical equipment provider’s stock valued at $13,930,000 after acquiring an additional 462 shares during the period. Finally, Marshall Wace LLP increased its position in shares of Intuitive Surgical by 1.1% in the 2nd quarter. Marshall Wace LLP now owns 16,372 shares of the medical equipment provider’s stock valued at $15,057,000 after acquiring an additional 184 shares during the period. 83.91% of the stock is currently 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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