Intuitive Surgical (NASDAQ:ISRG) Price Target Cut to $515.00 by Analysts at BofA

Key Points

• BofA lowered its price target on Intuitive Surgical to $515 from $520, still implying about 26.7% upside from the prior close.
• Despite the cut, analyst sentiment remains constructive overall: the stock has 19 Buy ratings, 7 Holds, and 1 Sell, with a consensus target of $571.28.
• Intuitive Surgical shares fell 1.6% to $406.41, even as the company recently beat earnings and revenue estimates, reporting $2.50 EPS on $2.77 billion in quarterly revenue.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) had its target price dropped by investment analysts at BofA from $520.00 to $515.00 in a report issued on Friday,MarketScreener reports. BofA's price objective would indicate a potential upside of 26.72% from the stock's previous close.

Other research analysts also recently issued reports about the company. Barclays set a $651.00 price objective on Intuitive Surgical and gave the stock an "overweight" rating in a report on Thursday, April 23rd. Bank of America dropped their target price on shares of Intuitive Surgical from $650.00 to $520.00 and set a "buy" rating on the stock in a report on Monday, May 18th. Truist Financial cut their price target on Intuitive Surgical from $650.00 to $580.00 and set a "buy" rating on the stock in a report on Wednesday, April 15th. The Goldman Sachs Group set a $558.00 price objective on Intuitive Surgical in a research report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. cut their target price on Intuitive Surgical from $625.00 to $550.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 22nd. Nineteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $571.28.

Intuitive Surgical Trading Down 1.6%

Shares of ISRG traded down $6.49 during trading hours on Friday, reaching $406.41. 382,900 shares of the company traded hands, compared to its average volume of 2,093,754. The stock's fifty day moving average price is $443.95 and its 200 day moving average price is $496.79. The firm has a market cap of $143.93 billion, a price-to-earnings ratio of 49.28, a PEG ratio of 3.29 and a beta of 1.46. Intuitive Surgical has a 12-month low of $396.68 and a 12-month high of $603.88.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The medical equipment provider reported $2.50 earnings per share for the quarter, beating analysts' consensus estimates of $2.08 by $0.42. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.62 billion. Intuitive Surgical had a net margin of 28.15% and a return on equity of 15.98%. The firm'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, research analysts forecast that Intuitive Surgical will post 8.57 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Amy L. Ladd sold 119 shares of the 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 transaction, the director directly owned 120 shares of the company's stock, valued at $55,620. This trade represents a 49.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 trade represents a 46.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 7,144 shares of company stock valued at $3,048,782. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Intuitive Surgical

Several institutional investors and hedge funds have recently made changes to their positions in the stock. FAS Wealth Partners Inc. lifted its position in Intuitive Surgical by 1.0% during the 1st quarter. FAS Wealth Partners Inc. now owns 5,282 shares of the medical equipment provider's stock worth $2,435,000 after acquiring an additional 52 shares during the period. Pine Valley Investments Ltd Liability Co increased its stake in shares of Intuitive Surgical by 30.0% in the first quarter. Pine Valley Investments Ltd Liability Co now owns 2,350 shares of the medical equipment provider's stock worth $1,083,000 after acquiring an additional 543 shares during the period. Evansbrook LLC lifted its position in Intuitive Surgical by 5.4% during the first quarter. Evansbrook LLC now owns 1,651 shares of the medical equipment provider's stock valued at $761,000 after purchasing an additional 85 shares during the period. Parallel Advisors LLC grew its position in Intuitive Surgical by 0.8% during the 1st quarter. Parallel Advisors LLC now owns 40,733 shares of the medical equipment provider's stock worth $18,778,000 after purchasing an additional 321 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of Intuitive Surgical by 65.2% in the 1st quarter. NewEdge Advisors LLC now owns 42,683 shares of the medical equipment provider's stock valued at $19,676,000 after buying an additional 16,847 shares during the period. 83.64% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.