Intuitive Surgical (NASDAQ:ISRG) Price Target Cut to $510.00 by Analysts at Truist Financial

Intuitive Surgical (NASDAQ:ISRG) had its price objective reduced by Truist Financial from $580.00 to $510.00 in a research note released on Thursday, Marketbeat.com reports. Truist Financial currently has a buy rating on the medical equipment provider’s stock.

ISRG has been the subject of a number of other research reports. JPMorgan Chase & Co. decreased their price objective on shares of Intuitive Surgical from $625.00 to $550.00 and set an “overweight” rating for the company in a report on Wednesday, April 22nd. Barclays set a $651.00 target price on shares of Intuitive Surgical and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Jefferies Financial Group decreased their price target on shares of Intuitive Surgical from $560.00 to $515.00 and set a “hold” rating for the company in a research note on Wednesday, April 22nd. The Goldman Sachs Group set a $558.00 price target on shares of Intuitive Surgical in a report on Wednesday, May 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Intuitive Surgical in a research note on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Intuitive Surgical has a consensus rating of “Moderate Buy” and a consensus target price of $562.62.

Intuitive Surgical Trading Up 3.4%

ISRG stock opened at $402.33 on Thursday. The stock has a market cap of $142.49 billion, a P/E ratio of 48.77, a P/E/G ratio of 3.16 and a beta of 1.46. The stock’s fifty day simple moving average is $417.37 and its two-hundred day simple moving average is $468.74. Intuitive Surgical has a 1-year low of $378.50 and a 1-year high of $603.88.

Intuitive Surgical (NASDAQ:ISRG) last announced its earnings results on Tuesday, April 21st. The medical equipment provider reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.42. The firm had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.62 billion. Intuitive Surgical had a return on equity of 15.98% and a net margin of 28.15%.The business’s revenue was up 23.0% compared to the same quarter last year. During the same period last year, the firm posted $1.81 EPS. As a group, analysts forecast that Intuitive Surgical will post 8.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Iman Jeddi sold 5,625 shares of the business’s stock in a transaction 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 sale, the senior vice president directly owned 6,463 shares in the company, valued at approximately $2,718,014.65. The trade was a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gary Loeb sold 400 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $424.14, for a total value of $169,656.00. Following the sale, the executive vice president directly owned 5,720 shares in the company, valued at $2,426,080.80. This trade represents a 6.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 7,169 shares of company stock valued at $3,059,135. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. boosted its position in shares of Intuitive Surgical by 300.0% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 44 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 33 shares during the period. Holos Integrated Wealth LLC bought a new stake in Intuitive Surgical during the 4th quarter worth approximately $25,000. Olistico Wealth LLC purchased a new stake in Intuitive Surgical in the 4th quarter worth approximately $28,000. Laurel Wealth Advisors LLC purchased a new stake in Intuitive Surgical in the 4th quarter worth approximately $31,000. Finally, Turning Point Benefit Group Inc. boosted its holdings in Intuitive Surgical by 833.3% in the 4th quarter. Turning Point Benefit Group Inc. now owns 56 shares of the medical equipment provider’s stock valued at $32,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Intuitive Surgical News Roundup

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

• Positive Sentiment: Q2 earnings and revenue came in ahead of Wall Street expectations, supported by strong demand for Intuitive’s robotic surgical systems. Reuters: Intuitive Surgical beats quarterly estimates on strong demand for its robotic systems
• Positive Sentiment: Worldwide procedure volume continued to grow at a healthy pace, with da Vinci procedures up about 15% and Ion procedures up about 36%, reinforcing the company’s growth story. Yahoo Finance: Intuitive Announces Second Quarter Earnings
• Positive Sentiment: Analyst coverage remained constructive, with Truist still rating the stock Buy even after trimming its price target to $510 from $580. Benzinga/Truist note

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.