Allspring Global Investments Holdings LLC Cuts Stake in Intuitive Surgical, Inc. $ISRG

Allspring Global Investments Holdings LLC lowered its holdings in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) by 5.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 137,212 shares of the medical equipment provider’s stock after selling 8,356 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Intuitive Surgical were worth $63,728,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. Independent Financial Group LLC purchased a new stake in Intuitive Surgical during the first quarter valued at about $3,947,000. Aware Super Pty Ltd as trustee of Aware Super purchased a new position in shares of Intuitive Surgical in the first quarter worth about $15,226,000. W.G. Shaheen & Associates DBA Whitney & Co increased its holdings in shares of Intuitive Surgical by 1.0% in the first quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 2,542 shares of the medical equipment provider’s stock worth $1,172,000 after buying an additional 25 shares during the period. Evergreen Advisors LLC bought a new stake in shares of Intuitive Surgical in the 1st quarter valued at about $35,000. Finally, Wealthfront Advisers LLC lifted its stake in shares of Intuitive Surgical by 3.7% in the 1st quarter. Wealthfront Advisers LLC now owns 47,988 shares of the medical equipment provider’s stock valued at $22,122,000 after acquiring an additional 1,732 shares during the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on ISRG shares. Sanford C. Bernstein reduced their price target on Intuitive Surgical from $750.00 to $685.00 and set an “outperform” rating on the stock in a research report on Friday. Piper Sandler reiterated an “overweight” rating and issued a $470.00 price objective (down from $580.00) on shares of Intuitive Surgical in a research report on Friday. Weiss Ratings reissued a “hold (c)” rating on shares of Intuitive Surgical in a research note on Tuesday, May 19th. Bank of America cut their target price on shares of Intuitive Surgical from $520.00 to $515.00 in a report on Friday, June 12th. Finally, Robert W. Baird decreased their target price on shares of Intuitive Surgical from $525.00 to $500.00 and set an “outperform” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $523.46.

Insider Activity

In related news, SVP Iman Jeddi sold 5,625 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $420.55, for a total transaction of $2,365,593.75. Following the transaction, the senior vice president owned 6,463 shares in the company, valued at $2,718,014.65. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amy L. Ladd sold 119 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $463.50, for a total transaction of $55,156.50. Following the completion of the sale, the director owned 120 shares in the company, valued at $55,620. This represents a 49.79% decrease in their position. 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.

Intuitive Surgical Price Performance

Shares of NASDAQ:ISRG opened at $345.42 on Friday. The company has a market cap of $122.33 billion, a P/E ratio of 39.57, a PEG ratio of 3.27 and a beta of 1.46. Intuitive Surgical, Inc. has a 1 year low of $344.55 and a 1 year high of $603.88. The stock’s fifty day moving average price is $415.28 and its 200-day moving average price is $467.88.

Intuitive Surgical (NASDAQ:ISRG) last released its quarterly earnings data on Tuesday, April 21st. The medical equipment provider reported $2.50 EPS for the quarter, topping the consensus estimate of $2.08 by $0.42. Intuitive Surgical had a return on equity of 17.09% and a net margin of 28.45%.The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the company earned $1.81 EPS. Intuitive Surgical’s revenue for the quarter was up 23.0% on a year-over-year basis. On average, sell-side analysts anticipate that Intuitive Surgical, Inc. will post 8.57 earnings per share for the current year.

Key Stories 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

About Intuitive Surgical

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.