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Intuitive surgical director Craig Barratt sells $641k in stock

Published 07/24/2024, 02:09 PM
ISRG
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Intuitive Surgical Inc . (NASDAQ:ISRG) director Craig H. Barratt has sold shares worth approximately $641,382, according to a recent SEC filing. The transaction took place on July 23, with Barratt offloading 1,400 shares of the company's common stock at an average price of $458.13.

The sale was conducted under a pre-arranged trading plan that complies with SEC Rule 10b5-1, which allows company insiders to set up a trading schedule in advance to avoid concerns about insider trading. The plan is set to expire on March 4, 2025.

On the same day, Barratt also exercised options to acquire 1,400 shares of Intuitive Surgical's common stock at a price of $56.9744 per share, totaling $79,764. The options were granted as part of the company's Non-Employee Directors' Stock Option Plan and vested in accordance with the company's guidelines.

Following the sale, Barratt's direct holdings in the company have decreased to zero shares. However, he still indirectly owns 26,155 shares through a trust, as detailed in the filing.

Intuitive Surgical, known for its da Vinci surgical systems, has been a leader in the field of robotic-assisted surgery. The company's stock performance is closely watched by investors who are interested in the healthcare technology sector.

Investors often scrutinize insider transactions for insights into a company's health and the confidence level of its senior executives and directors. Transactions like Barratt's can provide valuable information, although they are not necessarily indicative of future stock performance.

The trading activities of Intuitive Surgical's directors and executives are routinely disclosed to the public through SEC filings, ensuring transparency and adherence to regulations.

In other recent news, Intuitive Surgical has experienced noteworthy developments. The company's earnings and revenue results exceeded expectations, driven by a 17% increase in procedures and the placement of 70 da Vinci surgical systems. Full-year 2024 guidance has been revised upward, reflecting confidence in the continued adoption of its technology. Analyst firms including Argus, Truist Securities, Piper Sandler, Baird, RBC Capital, and BTIG have responded positively, raising their price targets for Intuitive Surgical. However, Evercore ISI reduced its price target but retained an 'In Line' rating.

The company's investments are set to continue, focusing on expanding surgeon training, developing new products, and conducting academic studies to validate the clinical efficacy and benefits of the da Vinci system. These strategic initiatives are expected to drive future growth for Intuitive Surgical. The U.S. Food and Drug Administration approved a labeling revision for Intuitive's da Vinci X and Xi surgical systems, indicating comparable survival rates for patients undergoing robotic-assisted radical prostatectomy to those of traditional open surgery. These are the latest developments in the company's ongoing journey.

InvestingPro Insights

As Intuitive Surgical Inc. (NASDAQ:ISRG) navigates the landscape of robotic-assisted surgery, its financial metrics and market valuation offer a comprehensive picture for investors. According to real-time data from InvestingPro, the company's Market Cap stands at a robust $162.79 billion. This valuation comes in the context of a Price/Earnings (P/E) Ratio of 77.23, which may appear elevated, but it's important to note that the company's P/E Ratio (Adjusted) for the last twelve months as of Q2 2024 is similar at 77.84. These figures underscore the high growth expectations that the market holds for Intuitive Surgical.

On the growth front, the company has demonstrated a solid performance, with Revenue Growth for the last twelve months as of Q2 2024 at 13.62%, reflecting a steady upward trajectory. Furthermore, the Gross Profit Margin stands at an impressive 66.86%, indicating strong profitability in its operations.

Considering the director's recent stock transactions, two InvestingPro Tips are particularly relevant. First, 23 analysts have revised their earnings upwards for the upcoming period, signaling potential confidence in the company's future performance. Additionally, Intuitive Surgical has been trading at a high earnings multiple, which is a point of consideration for investors evaluating the stock's current valuation against future earnings potential.

For those interested in diving deeper into the company's prospects, InvestingPro offers a comprehensive list of additional tips, with 16 more available that could further inform investment decisions. To explore these insights, visit https://www.investing.com/pro/ISRG and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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