Accuray Incorporated (ARAY) Expected to Post Quarterly Sales of $111.45 Million

Analysts expect that Accuray Incorporated (NASDAQ:ARAY) will post $111.45 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Accuray’s earnings, with the highest sales estimate coming in at $112.2 million and the lowest estimate coming in at $110.7 million. Accuray posted sales of $94.97 million during the same quarter last year, which would indicate a positive year over year growth rate of 17.4%. The business is scheduled to report its next quarterly earnings report on Wednesday, August 16th.

According to Zacks, analysts expect that Accuray will report full year sales of $111.45 million for the current year, with estimates ranging from $382 million to $383.52 million. For the next financial year, analysts forecast that the business will report sales of $401.28 million per share, with estimates ranging from $399.9 million to $402.65 million. Zacks’ sales calculations are an average based on a survey of research firms that cover Accuray.

Accuray (NASDAQ:ARAY) last posted its quarterly earnings data on Thursday, April 27th. The medical equipment provider reported ($0.06) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by $0.07. The firm had revenue of $97.31 million for the quarter, compared to analyst estimates of $110.23 million. Accuray had a negative return on equity of 46.38% and a negative net margin of 6.88%. The business’s quarterly revenue was down 7.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.01 EPS.

ARAY has been the subject of a number of recent analyst reports. Aegis reaffirmed a “buy” rating on shares of Accuray in a report on Tuesday, March 21st. Zacks Investment Research raised shares of Accuray from a “hold” rating to a “buy” rating and set a $5.25 price objective for the company in a research note on Tuesday, April 4th. BTIG Research reissued a “hold” rating on shares of Accuray in a research note on Sunday, February 5th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $7.00 price objective (down previously from $8.00) on shares of Accuray in a research note on Saturday, April 29th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Accuray currently has an average rating of “Buy” and an average target price of $7.75.

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A number of institutional investors have recently modified their holdings of the stock. Cowen Prime Services LLC increased its position in shares of Accuray by 12.6% in the first quarter. Cowen Prime Services LLC now owns 187,399 shares of the medical equipment provider’s stock valued at $890,000 after buying an additional 20,945 shares during the last quarter. Engineers Gate Manager LP increased its position in shares of Accuray by 196.9% in the first quarter. Engineers Gate Manager LP now owns 48,054 shares of the medical equipment provider’s stock valued at $228,000 after buying an additional 31,871 shares during the last quarter. RNC Capital Management LLC increased its position in shares of Accuray by 5.0% in the first quarter. RNC Capital Management LLC now owns 27,500 shares of the medical equipment provider’s stock valued at $131,000 after buying an additional 1,300 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Accuray by 8.4% in the first quarter. Bank of New York Mellon Corp now owns 640,505 shares of the medical equipment provider’s stock valued at $3,042,000 after buying an additional 49,719 shares during the last quarter. Finally, First Trust Advisors LP bought a new position in shares of Accuray during the first quarter valued at approximately $472,000. 91.66% of the stock is owned by institutional investors and hedge funds.

Accuray (NASDAQ:ARAY) remained flat at $4.30 during mid-day trading on Wednesday. The company had a trading volume of 162,343 shares. The firm has a 50 day moving average of $4.64 and a 200-day moving average of $5.03. Accuray has a 12 month low of $4.05 and a 12 month high of $6.39. The firm’s market cap is $356.90 million.

Accuray Company Profile

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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