Sanford C. Bernstein Cuts Intuitive Surgical (NASDAQ:ISRG) Price Target to $685.00

Intuitive Surgical (NASDAQ:ISRG) had its price objective reduced by Sanford C. Bernstein from $750.00 to $685.00 in a research note released on Friday morning,Benzinga reports. They currently have an outperform rating on the medical equipment provider’s stock.

ISRG has been the topic of several other research reports. The Goldman Sachs Group set a $558.00 price target on shares of Intuitive Surgical in a research report on Wednesday, May 27th. Zacks Research lowered Intuitive Surgical from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Barclays set a $651.00 price objective on Intuitive Surgical and gave the company an “overweight” rating in a report on Thursday, April 23rd. Piper Sandler restated an “overweight” rating and set a $580.00 price objective on shares of Intuitive Surgical in a research note on Tuesday, June 2nd. Finally, Truist Financial reduced their target price on Intuitive Surgical from $580.00 to $510.00 and set a “buy” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Intuitive Surgical has a consensus rating of “Moderate Buy” and an average target price of $523.46.

Intuitive Surgical Price Performance

ISRG opened at $345.42 on Friday. Intuitive Surgical has a 12-month low of $344.55 and a 12-month high of $603.88. The stock has a market capitalization of $122.33 billion, a PE ratio of 39.57, a P/E/G ratio of 2.80 and a beta of 1.46. The firm’s fifty day moving average price is $415.28 and its 200 day moving average price is $467.12.

Intuitive Surgical (NASDAQ:ISRG) last announced its quarterly earnings data on Tuesday, April 21st. The medical equipment provider reported $2.50 earnings per share for the quarter, topping the consensus estimate 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 28.45% and a return on equity of 17.09%. The firm’s revenue for the quarter was up 23.0% compared to the same quarter last year. During the same period last year, the business earned $1.81 EPS. On average, equities research analysts forecast that Intuitive Surgical will post 8.62 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Iman Jeddi sold 5,625 shares of the business’s stock in a transaction dated 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 owned 6,463 shares of the company’s stock, valued at $2,718,014.65. This represents a 46.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gary Loeb sold 400 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $424.14, for a total transaction of $169,656.00. Following the sale, the executive vice president directly owned 5,720 shares of the company’s stock, valued at approximately $2,426,080.80. This represents 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. In the last three months, insiders sold 7,169 shares of company stock valued at $3,059,135. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Intuitive Surgical

Several institutional investors have recently made changes to their positions in ISRG. State Street Corp boosted its position in Intuitive Surgical by 1.0% during the 4th quarter. State Street Corp now owns 15,701,591 shares of the medical equipment provider’s stock valued at $8,892,753,000 after purchasing an additional 162,264 shares during the period. Capital World Investors grew its stake in Intuitive Surgical by 1.7% during the 4th quarter. Capital World Investors now owns 7,856,018 shares of the medical equipment provider’s stock worth $4,449,491,000 after buying an additional 127,526 shares during the last quarter. Norges Bank acquired a new stake in Intuitive Surgical in the fourth quarter worth $2,856,987,000. Invesco Ltd. increased its position in Intuitive Surgical by 17.4% in the fourth quarter. Invesco Ltd. now owns 4,128,735 shares of the medical equipment provider’s stock worth $2,338,350,000 after buying an additional 611,268 shares during the period. Finally, Bank of America Corp DE lifted its stake in Intuitive Surgical by 3.3% in the first quarter. Bank of America Corp DE now owns 3,616,973 shares of the medical equipment provider’s stock valued at $1,667,388,000 after buying an additional 116,292 shares during the last quarter. 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.