Samath Jamie, the CFO and Head of Business Technology at Intuitive Surgical Inc . (NASDAQ:ISRG), recently executed a series of stock transactions, as reported in a recent SEC filing. On November 8, 2024, Jamie sold 22,903 shares of common stock at prices ranging from $525 to $539.89 per share, generating a total of approximately $12.17 million.
In addition to the sales, Jamie also acquired shares through option exercises. The transactions involved acquiring a total of 30,007 shares of common stock, with prices per share ranging between $139.52 and $347.4167. The total value for these acquisitions amounted to approximately $5.69 million.
These transactions were conducted under a pre-established trading plan compliant with SEC Rule 10b5-1, which is designed to allow insiders to set up a trading plan for selling stocks they own. Following these transactions, Jamie holds 8,757 shares of Intuitive Surgical's common stock directly.
In other recent news, Intuitive Surgical reported robust third-quarter results, exceeding expectations in key areas such as revenue, system placements, and procedure growth. The company's revenue reached $2 billion, marking a 17% year-over-year increase, primarily driven by an 18% rise in DaVinci procedures. Intuitive Surgical placed 379 new systems in the third quarter, including 110 of its next-generation da Vinci (EPA:SGEF) 5 systems.
Piper Sandler, RBC Capital Markets, and Mizuho (NYSE:MFG) Securities have revised their outlook on Intuitive Surgical following the strong earnings report. Piper Sandler adjusted its stock price target to $538, RBC Capital Markets to $555, and Mizuho Securities to $550, while maintaining positive ratings.
These adjustments reflect the company's strong performance and positive outlook, which also led to an increase in the lower end of its full-year 2024 procedure growth forecast to 16.0-17.0%. Despite facing pricing pressures in China, Intuitive Surgical anticipates a broad launch of its da Vinci 5 system by mid-2025 and is focusing on expanding its Ion system internationally. These are the recent developments for the company.
InvestingPro Insights
The recent stock transactions by Intuitive Surgical's CFO Samath Jamie align with the company's strong market position and financial performance. According to InvestingPro data, Intuitive Surgical boasts a substantial market capitalization of $191.1 billion, reflecting investor confidence in the company's growth prospects.
InvestingPro Tips highlight that 16 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for the company's financial performance. This optimism is further supported by the company's impressive revenue growth of 14.83% over the last twelve months, with quarterly revenue growth reaching 16.88% in Q3 2024.
Intuitive Surgical's stock has demonstrated remarkable performance, with a 90.13% total return over the past year and a 41.01% return in the last six months. The stock is currently trading near its 52-week high, with its price at 98.98% of the peak value.
While the company's P/E ratio of 84.6 indicates a high earnings multiple, it's worth noting that Intuitive Surgical has maintained profitability over the last twelve months and analysts predict continued profitability this year. The company's strong financial position is further evidenced by its liquid assets exceeding short-term obligations.
For investors seeking more comprehensive analysis, InvestingPro offers 16 additional tips for Intuitive Surgical, providing a deeper understanding of the company's financial health and market position.
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