Truist Financial Cuts Intuitive Surgical (NASDAQ:ISRG) Price Target to $510.00

Intuitive Surgical (NASDAQ:ISRG) had its price target trimmed by Truist Financial from $580.00 to $510.00 in a report published on Thursday, MarketBeat reports. The firm currently has a buy rating on the medical equipment provider’s stock.

A number of other analysts have also weighed in on the stock. Zacks Research lowered shares of Intuitive Surgical from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Intuitive Surgical in a research note on Tuesday, May 19th. Royal Bank Of Canada cut their price target on shares of Intuitive Surgical from $650.00 to $600.00 and set an “outperform” rating on the stock in a report on Monday, July 13th. Mizuho set a $500.00 price target on shares of Intuitive Surgical and gave the company a “neutral” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Intuitive Surgical from $440.00 to $366.00 and set a “sell” rating for the company in a report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $523.46.

Intuitive Surgical Trading Down 14.1%

Shares of NASDAQ:ISRG opened at $345.42 on Thursday. The stock has a fifty day simple moving average of $415.28 and a two-hundred day simple moving average of $467.88. Intuitive Surgical has a 12-month low of $344.55 and a 12-month high of $603.88. The stock has a market capitalization of $122.33 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 2.81 and a beta of 1.46.

Intuitive Surgical (NASDAQ:ISRG) last released its earnings results on Tuesday, April 21st. The medical equipment provider reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.08 by $0.42. The firm had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.62 billion. Intuitive Surgical had a return on equity of 17.09% and a net margin of 28.45%.The company’s quarterly revenue was up 23.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.81 earnings per share. As a group, equities research analysts predict that Intuitive Surgical will post 8.62 EPS for the current year.

Insider Activity

In other news, Director Amy L. Ladd sold 119 shares of Intuitive Surgical stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $463.50, for a total value of $55,156.50. Following the completion of the sale, the director directly owned 120 shares in the company, valued at $55,620. The trade was a 49.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Iman Jeddi sold 5,625 shares of Intuitive Surgical stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $420.55, for a total transaction of $2,365,593.75. Following the completion of the sale, the senior vice president owned 6,463 shares of the company’s stock, valued at $2,718,014.65. This represents a 46.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,169 shares of company stock valued at $3,059,135 in the last 90 days. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Intuitive Surgical

A number of hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake in shares of Intuitive Surgical by 24.9% in the 4th quarter. Brighton Jones LLC now owns 3,672 shares of the medical equipment provider’s stock worth $1,916,000 after buying an additional 731 shares during the last quarter. Sivia Capital Partners LLC increased its position in Intuitive Surgical by 3.8% during the second quarter. Sivia Capital Partners LLC now owns 928 shares of the medical equipment provider’s stock valued at $504,000 after acquiring an additional 34 shares during the last quarter. Schnieders Capital Management LLC. lifted its holdings in Intuitive Surgical by 38.0% in the second quarter. Schnieders Capital Management LLC. now owns 973 shares of the medical equipment provider’s stock valued at $529,000 after acquiring an additional 268 shares during the period. Osterweis Capital Management Inc. bought a new position in Intuitive Surgical in the second quarter valued at about $200,000. Finally, Main Street Financial Solutions LLC lifted its holdings in Intuitive Surgical by 92.4% in the second quarter. Main Street Financial Solutions LLC now owns 2,929 shares of the medical equipment provider’s stock valued at $1,592,000 after acquiring an additional 1,407 shares during the period. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Intuitive Surgical

Here are the key news stories impacting Intuitive Surgical this week:

• Positive Sentiment: Intuitive Surgical reported stronger-than-expected Q2 revenue and earnings, helped by solid demand for its da Vinci robotic surgery systems and continued adoption of its products. Reuters article
• Positive Sentiment: The company still reported healthy procedure growth overall, with worldwide procedures rising and placements of robotic systems remaining strong, which supports the long-term investment case. Yahoo Finance article
• Neutral Sentiment: Several analysts lowered price targets after the report, but most kept bullish ratings such as overweight, buy, or outperform, suggesting Wall Street still sees meaningful upside despite the near-term pullback. Benzinga article
• Negative Sentiment: Management did not raise its forecast for procedure growth, and investors reacted badly to slower U.S. procedure growth and a cautious full-year outlook. Benzinga article
• Negative Sentiment: Reuters also noted concerns that changes to some insurance plans could reduce demand, adding to worries about slower U.S. growth and a softer near-term procedure trajectory. Reuters article

Intuitive Surgical Company Profile

Intuitive Surgical, founded in 1995 and headquartered in Sunnyvale, California, is a medical technology company focused on the design, manufacture and service of robotic-assisted surgical systems. The company is best known for its da Vinci surgical systems, which enable minimally invasive procedures by translating a surgeon’s hand movements into finer, scaled motions of small instruments inside the patient. Intuitive’s business centers on supplying hospitals and surgical centers with systems, instruments and related technologies that aim to improve precision, visualization and control in the operating room.

In addition to its core surgical platforms, Intuitive markets a portfolio of reusable and disposable instruments, accessories, and proprietary software, and provides training, servicing and clinical support to its customers.