Heartland Advisors Inc. Purchases 450,000 Shares of Accuray Incorporated (NASDAQ:ARAY)

Key Points

• Heartland Advisors Inc. has increased its stake in Accuray Incorporated by 11.8%, acquiring an additional 450,000 shares, bringing its total ownership to approximately 4.16% of the company, valued at $7,652,000.
• Analysts on Wall Street Zen upgraded Accuray from a "hold" to a "buy" rating, suggesting a positive outlook on its performance.
• Accuray's recent earnings report showed an EPS of ($0.01), exceeding expectations, with revenues of $113.24 million, surpassing analyst forecasts.

Heartland Advisors Inc. boosted its holdings in Accuray Incorporated (NASDAQ:ARAY - Free Report) by 11.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,274,750 shares of the medical equipment provider's stock after acquiring an additional 450,000 shares during the period. Heartland Advisors Inc. owned about 4.16% of Accuray worth $7,652,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Gabelli Funds LLC raised its stake in Accuray by 12.5% during the 4th quarter. Gabelli Funds LLC now owns 45,000 shares of the medical equipment provider's stock valued at $89,000 after acquiring an additional 5,000 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Accuray by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 2,186,154 shares of the medical equipment provider's stock valued at $4,329,000 after purchasing an additional 6,758 shares during the period. Northern Trust Corp lifted its holdings in Accuray by 0.9% in the fourth quarter. Northern Trust Corp now owns 809,665 shares of the medical equipment provider's stock worth $1,603,000 after purchasing an additional 7,399 shares during the period. ProShare Advisors LLC grew its position in Accuray by 50.7% in the 4th quarter. ProShare Advisors LLC now owns 27,308 shares of the medical equipment provider's stock valued at $54,000 after buying an additional 9,187 shares in the last quarter. Finally, North Star Investment Management Corp. raised its position in shares of Accuray by 1.0% during the 1st quarter. North Star Investment Management Corp. now owns 1,058,545 shares of the medical equipment provider's stock worth $1,895,000 after buying an additional 10,000 shares in the last quarter. 64.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Accuray from a "hold" rating to a "buy" rating in a research note on Friday, May 30th.

Accuray Trading Down 0.7%

ARAY stock traded down $0.01 during trading hours on Friday, hitting $1.36. 510,553 shares of the stock traded hands, compared to its average volume of 665,252. The stock has a 50-day simple moving average of $1.40 and a 200 day simple moving average of $1.71. Accuray Incorporated has a one year low of $1.14 and a one year high of $2.95. The company has a current ratio of 1.64, a quick ratio of 0.92 and a debt-to-equity ratio of 3.35.

Accuray (NASDAQ:ARAY - Get Free Report) last released its earnings results on Wednesday, April 30th. The medical equipment provider reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.04. The firm had revenue of $113.24 million for the quarter, compared to analyst estimates of $101.53 million. Accuray had a return on equity of 1.43% and a net margin of 0.14%. On average, equities research analysts expect that Accuray Incorporated will post 0.01 EPS for the current fiscal year.

Accuray Company Profile

Accuray Incorporated designs, develops, manufactures, and sells radiosurgery and radiation therapy systems for the treatment of tumors in the United States, Canada, Latin America, Asia, Australia, New Zealand, Europe, the Middle East, India, Africa, Japan, and China. It offers the CyberKnife platform, a robotic stereotactic radiosurgery and stereotactic body radiation therapy system used for the treatment of primary and metastatic tumors outside the brain, including tumors on or near the spine and in the breast, kidney, liver, lung, pancreas, and prostate.