Intuitive Surgical (NASDAQ:ISRG) Price Target Cut to $500.00 by Analysts at Citigroup

Intuitive Surgical (NASDAQ:ISRG) had its target price decreased by Citigroup from $590.00 to $500.00 in a research report sent to investors on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the medical equipment provider’s stock.

ISRG has been the subject of several other reports. Piper Sandler reiterated an “overweight” rating and issued a $580.00 target price on shares of Intuitive Surgical in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. reduced their price target on Intuitive Surgical from $625.00 to $550.00 and set an “overweight” rating on the stock in a report on Wednesday, April 22nd. Jefferies Financial Group dropped their price objective on shares of Intuitive Surgical from $560.00 to $515.00 and set a “hold” rating for the company in a report on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft cut their target price on shares of Intuitive Surgical from $440.00 to $366.00 and set a “sell” rating on the stock in a research report on Tuesday, June 2nd. Finally, Stifel Nicolaus set a $670.00 price target on shares of Intuitive Surgical in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $523.46.

Intuitive Surgical Stock Performance

Shares of NASDAQ:ISRG opened at $345.42 on Friday. The company has a fifty day moving average of $415.28 and a 200-day moving average of $467.88. The company has a market capitalization of $122.33 billion, a PE ratio of 39.57, a price-to-earnings-growth ratio of 3.27 and a beta of 1.46. Intuitive Surgical has a 52-week low of $344.55 and a 52-week high of $603.88.

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

Insider Activity

In related news, Director Amy L. Ladd sold 119 shares of the stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $463.50, for a total value of $55,156.50. Following the transaction, the director directly owned 120 shares in the company, valued at $55,620. This trade represents a 49.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gary Loeb sold 400 shares of Intuitive Surgical stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $424.14, for a total transaction of $169,656.00. Following the completion of the sale, the executive vice president directly owned 5,720 shares of the company’s stock, valued at approximately $2,426,080.80. The trade was a 6.54% 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 sold a total of 7,169 shares of company stock worth $3,059,135 over the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Draper Asset Management LLC boosted its stake in shares of Intuitive Surgical by 41.9% during the fourth quarter. Draper Asset Management LLC now owns 5,029 shares of the medical equipment provider’s stock worth $2,848,000 after buying an additional 1,485 shares during the period. Deutsche Bank AG increased its position in Intuitive Surgical by 9.6% in the 4th quarter. Deutsche Bank AG now owns 1,522,191 shares of the medical equipment provider’s stock valued at $862,108,000 after acquiring an additional 132,966 shares during the period. Oppenheimer Asset Management Inc. raised its stake in Intuitive Surgical by 29.3% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 71,077 shares of the medical equipment provider’s stock valued at $40,255,000 after acquiring an additional 16,119 shares during the last quarter. Procyon Advisors LLC raised its stake in Intuitive Surgical by 787.8% during the 4th quarter. Procyon Advisors LLC now owns 4,794 shares of the medical equipment provider’s stock valued at $2,715,000 after acquiring an additional 4,254 shares during the last quarter. Finally, Robinhood Asset Management LLC acquired a new stake in Intuitive Surgical during the 4th quarter worth approximately $6,478,000. 83.64% of the stock is owned by 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

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.