Robert DeSantis, Executive Vice President and Chief Strategy and Corporate Operations Officer at Intuitive Surgical Inc . (NASDAQ:ISRG), has recently executed a series of stock transactions. On October 25 and 28, DeSantis sold shares totaling approximately $915,371. The sale prices for these transactions ranged from $506.52 to $514.00 per share.
In addition to the sales, DeSantis also acquired shares through option exercises on the same dates. The total value of these acquisitions amounted to about $486,632, with purchase prices ranging from $208.9 to $347.4167 per share. These transactions were made in accordance with a pre-established trading plan that complies with SEC Rule 10b5-1, set to expire on December 9, 2024.
In other recent news, Intuitive Surgical reported impressive third-quarter results, with a 17% year-over-year revenue increase to $2 billion, driven by an 18% rise in DaVinci procedures. The company also placed 379 new systems in the quarter, contributing to a global installed base of approximately 9,300 multi-port systems. Following these strong results, Intuitive Surgical revised its full-year 2024 procedure growth forecast to a range of 16% to 17%.
Analysts have responded positively to these developments. Piper Sandler, RBC (TSX:RY) Capital Markets, and Mizuho Securities all raised their price targets for Intuitive Surgical, maintaining Overweight, Outperform, and Neutral ratings, respectively.
The company anticipates a broad launch of its next-generation DaVinci 5 system by mid-2025 and is focusing on expanding the Ion system internationally, particularly in China and Europe. These are among the recent developments for Intuitive Surgical.
InvestingPro Insights
Intuitive Surgical Inc. (NASDAQ:ISRG) has been demonstrating strong financial performance, which aligns with the recent insider transactions by Robert DeSantis. According to InvestingPro data, the company's revenue growth stands at 14.83% over the last twelve months as of Q3 2024, with quarterly revenue growth reaching 16.88% in Q3 2024. This robust growth trajectory supports the company's high valuation multiples.
An InvestingPro Tip highlights that 16 analysts have revised their earnings upwards for the upcoming period, suggesting positive sentiment about the company's future performance. This optimism is reflected in the stock's performance, with ISRG showing a remarkable 99.36% price total return over the past year.
The company's strong financial position is further underscored by its liquid assets exceeding short-term obligations, as noted in another InvestingPro Tip. This financial stability may provide context for DeSantis's decision to exercise options and sell shares as part of a pre-established trading plan.
For investors seeking a more comprehensive analysis, InvestingPro offers 17 additional tips for Intuitive Surgical, providing deeper insights into the company's financial health and market position.
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