$98.18 Million in Sales Expected for Accuray Incorporated (ARAY) This Quarter

Wall Street brokerages expect that Accuray Incorporated (NASDAQ:ARAY) will announce sales of $98.18 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Accuray’s earnings, with estimates ranging from $96.80 million to $99.56 million. Accuray reported sales of $97.31 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 0.9%. The business is expected to announce its next earnings results on Thursday, April 26th.

On average, analysts expect that Accuray will report full-year sales of $98.18 million for the current financial year, with estimates ranging from $399.40 million to $400.03 million. For the next financial year, analysts forecast that the company will report sales of $417.89 million per share, with estimates ranging from $417.47 million to $418.30 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Accuray.

Accuray (NASDAQ:ARAY) last posted its earnings results on Tuesday, January 23rd. The medical equipment provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.05. The firm had revenue of $100.33 million for the quarter, compared to the consensus estimate of $90.31 million. Accuray had a negative return on equity of 44.66% and a negative net margin of 6.09%. The business’s quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.11) earnings per share.

Several equities research analysts have issued reports on the company. Royal Bank of Canada set a $6.00 target price on Accuray and gave the stock a “hold” rating in a research report on Wednesday, January 24th. BidaskClub downgraded Accuray from a “buy” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research downgraded Accuray from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Cowen restated a “buy” rating and set a $9.00 target price on shares of Accuray in a research report on Friday, October 27th. Finally, JPMorgan Chase & Co. downgraded Accuray from a “neutral” rating to an “underweight” rating and set a $6.00 target price on the stock. in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Accuray currently has a consensus rating of “Hold” and an average target price of $7.25.

In related news, CFO Kevin Waters sold 7,154 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $5.06, for a total value of $36,199.24. Following the sale, the chief financial officer now owns 335,087 shares in the company, valued at $1,695,540.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joshua Levine sold 17,093 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $4.86, for a total value of $83,071.98. Following the completion of the sale, the chief executive officer now owns 1,435,428 shares in the company, valued at approximately $6,976,180.08. The disclosure for this sale can be found here. Insiders sold 26,413 shares of company stock worth $129,798 in the last quarter. 3.90% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the stock. Virtu Financial LLC raised its position in shares of Accuray by 1,353.0% in the fourth quarter. Virtu Financial LLC now owns 232,164 shares of the medical equipment provider’s stock worth $998,000 after buying an additional 216,186 shares in the last quarter. Royce & Associates LP raised its position in shares of Accuray by 10.7% in the fourth quarter. Royce & Associates LP now owns 1,862,677 shares of the medical equipment provider’s stock worth $8,010,000 after buying an additional 180,100 shares in the last quarter. BlackRock Inc. raised its position in shares of Accuray by 18.3% in the fourth quarter. BlackRock Inc. now owns 7,353,564 shares of the medical equipment provider’s stock worth $31,621,000 after buying an additional 1,138,095 shares in the last quarter. Global X Management Co. LLC raised its position in shares of Accuray by 126.3% in the fourth quarter. Global X Management Co. LLC now owns 887,287 shares of the medical equipment provider’s stock worth $3,815,000 after buying an additional 495,272 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Accuray by 27.9% in the fourth quarter. Wells Fargo & Company MN now owns 121,054 shares of the medical equipment provider’s stock worth $520,000 after buying an additional 26,390 shares in the last quarter. Institutional investors own 78.54% of the company’s stock.

Shares of Accuray (NASDAQ ARAY) opened at $5.20 on Friday. Accuray has a 12-month low of $3.60 and a 12-month high of $6.15. The company has a current ratio of 1.54, a quick ratio of 0.92 and a debt-to-equity ratio of 2.66.

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About Accuray

Accuray Incorporated is a radiation oncology company. The Company develops, manufactures and markets medical devices used in radiation therapy for the treatment of cancer patients. Its products include the CyberKnife Systems, the TomoTherapy Systems, and the Radixact Delivery Treatment Platform. Its technologies, the CyberKnife and TomoTherapy Systems, are designed to deliver treatments, including stereotactic radiosurgery (SRS), stereotactic body radiation therapy (SBRT), intensity modulated radiation therapy (IMRT), image guided radiation therapy (IGRT) and adaptive radiation therapy.

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