TD Cowen Cuts Intuitive Surgical (NASDAQ:ISRG) Price Target to $520.00

Key Points

• TD Cowen cut its price target on Intuitive Surgical from $585 to $520, while keeping a Buy rating on the stock. The new target still implies about 26.9% upside from the current price.
• The stock was trading around $409.85 on Monday, near the lower end of its 12-month range of $396.68 to $603.88. It has a market cap of about $145.15 billion and recently traded below both its 50-day and 200-day moving averages.
• Intuitive Surgical’s latest earnings beat expectations, posting $2.50 EPS on $2.77 billion in revenue, with revenue up 23% year over year. Despite the strong quarter, analysts remain mixed, with a consensus rating of Moderate Buy and an average target price of $562.12.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) had its price target cut by research analysts at TD Cowen from $585.00 to $520.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the medical equipment provider's stock. TD Cowen's price objective would suggest a potential upside of 26.88% from the company's current price.

ISRG has been the topic of a number of other reports. Truist Financial dropped their target price on shares of Intuitive Surgical from $650.00 to $580.00 and set a "buy" rating on the stock in a research note on Wednesday, April 15th. Wall Street Zen upgraded shares of Intuitive Surgical from a "hold" rating to a "buy" rating in a research note on Saturday, June 13th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Intuitive Surgical from $440.00 to $366.00 and set a "sell" rating on the stock in a report on Tuesday, June 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of Intuitive Surgical in a research note on Tuesday, May 19th. Finally, Raymond James Financial reduced their price objective on Intuitive Surgical from $615.00 to $577.00 and set an "outperform" rating for the company in a report on Wednesday, April 22nd. One research 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 given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $562.12.

Intuitive Surgical Price Performance

Shares of NASDAQ ISRG traded up $3.07 during midday trading on Monday, reaching $409.85. The company's stock had a trading volume of 892,482 shares, compared to its average volume of 2,162,361. Intuitive Surgical has a 12-month low of $396.68 and a 12-month high of $603.88. The firm has a 50 day moving average price of $422.09 and a 200-day moving average price of $473.91. The stock has a market capitalization of $145.15 billion, a P/E ratio of 49.68, a PEG ratio of 3.31 and a beta of 1.46.

Intuitive Surgical (NASDAQ:ISRG - Get Free Report) last released its earnings results on Tuesday, April 21st. The medical equipment provider reported $2.50 EPS for the quarter, topping analysts' consensus estimates of $2.08 by $0.42. The company had revenue of $2.77 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 23.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.81 EPS. On average, equities analysts predict that Intuitive Surgical will post 8.57 EPS for the current year.

Insiders Place Their Bets

In other news, Director Amy L. Ladd sold 500 shares of Intuitive Surgical stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $473.46, for a total value of $236,730.00. Following the completion of the transaction, the director owned 239 shares in the company, valued at $113,156.94. This trade represents a 67.66% decrease in their ownership of the stock. The transaction 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, SVP Iman Jeddi sold 5,625 shares of the business's 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 completion of the sale, the senior vice president directly owned 6,463 shares in the company, valued at approximately $2,718,014.65. This trade represents a 46.53% 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. Insiders sold 7,169 shares of company stock worth $3,059,135 over the last quarter. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Intuitive Surgical

Institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC raised its stake in shares of Intuitive Surgical by 24.9% during the 4th quarter. Brighton Jones LLC now owns 3,672 shares of the medical equipment provider's stock valued at $1,916,000 after purchasing an additional 731 shares during the period. Sivia Capital Partners LLC grew its holdings in Intuitive Surgical by 3.8% during the 2nd quarter. Sivia Capital Partners LLC now owns 928 shares of the medical equipment provider's stock valued at $504,000 after buying an additional 34 shares in the last quarter. Schnieders Capital Management LLC. grew its holdings in Intuitive Surgical by 38.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 973 shares of the medical equipment provider's stock valued at $529,000 after buying an additional 268 shares in the last quarter. Osterweis Capital Management Inc. bought a new stake in shares of Intuitive Surgical during the second quarter valued at about $200,000. Finally, Main Street Financial Solutions LLC increased its position in shares of Intuitive Surgical by 92.4% during the second quarter. Main Street Financial Solutions LLC now owns 2,929 shares of the medical equipment provider's stock valued at $1,592,000 after buying an additional 1,407 shares during the period. Hedge funds and other institutional investors own 83.64% of the company's stock.

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.

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