Lapides Asset Management LLC Reduces Position in Accuray Incorporated (ARAY)
Lapides Asset Management LLC lowered its stake in shares of Accuray Incorporated (NASDAQ:ARAY) by 8.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,807,800 shares of the medical equipment provider’s stock after selling 156,300 shares during the quarter. Accuray makes up about 1.7% of Lapides Asset Management LLC’s portfolio, making the stock its 17th biggest holding. Lapides Asset Management LLC’s holdings in Accuray were worth $7,774,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Accuray by 4.4% during the second quarter. Vanguard Group Inc. now owns 6,728,919 shares of the medical equipment provider’s stock worth $31,962,000 after acquiring an additional 281,789 shares during the period. Russell Investments Group Ltd. increased its position in Accuray by 28.8% during the third quarter. Russell Investments Group Ltd. now owns 995,904 shares of the medical equipment provider’s stock worth $3,982,000 after acquiring an additional 222,424 shares during the period. Northern Trust Corp increased its position in Accuray by 4.5% during the second quarter. Northern Trust Corp now owns 1,048,694 shares of the medical equipment provider’s stock worth $4,981,000 after acquiring an additional 45,134 shares during the period. Boston Partners increased its position in Accuray by 22.2% during the third quarter. Boston Partners now owns 2,276,184 shares of the medical equipment provider’s stock worth $9,105,000 after acquiring an additional 414,070 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Accuray by 31.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,124,803 shares of the medical equipment provider’s stock worth $5,343,000 after acquiring an additional 266,790 shares during the period. 80.49% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Kevin Waters sold 7,154 shares of the business’s stock in a transaction on Friday, December 1st. The shares were 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 approximately $1,695,540.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joshua Levine sold 17,093 shares of the business’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $4.86, for a total transaction 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 a total of 26,413 shares of company stock worth $129,798 in the last three months. Insiders own 3.90% of the company’s stock.
Accuray (NASDAQ:ARAY) last announced its quarterly earnings results on Tuesday, January 23rd. The medical equipment provider reported ($0.06) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.05. The firm had revenue of $100.33 million for the quarter, compared to analyst estimates of $90.31 million. Accuray had a negative net margin of 6.09% and a negative return on equity of 44.66%. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.11) EPS. equities research analysts forecast that Accuray Incorporated will post -0.19 earnings per share for the current fiscal year.
ARAY has been the topic of a number of research reports. Zacks Investment Research raised shares of Accuray from a “hold” rating to a “buy” rating and set a $4.75 target price on the stock in a research report on Tuesday, October 24th. Cowen reaffirmed a “buy” rating and set a $9.00 target price on shares of Accuray in a research report on Friday, October 27th. Lake Street Capital initiated coverage on shares of Accuray in a research report on Thursday, November 30th. They set a “buy” rating and a $10.00 target price on the stock. BidaskClub lowered shares of Accuray from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Finally, JPMorgan Chase & Co. lowered shares of Accuray from a “neutral” rating to an “underweight” rating and set a $6.00 price target on the stock. in a report on Wednesday, December 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $7.25.
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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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