Stratasys, Ltd. (NASDAQ:SSYS), the 3D printing and additive manufacturing solutions company, today announced that David Reis has decided to step down from his position as the Chief Executive Officer, effective June 30, 2016.
During his tenure as CEO, David Reis led the successful merger and integration of Stratasys and Objet, and oversaw the strong growth that has established Stratasys as an industry leader. Mr. Reis also initiated the company’s recent transformation, as it developed a broad, solutions-based business model that targets new manufacturing applications across key vertical markets.
While he has announced his plans to retire as CEO, Mr. Reis will remain a member of the Stratasys board of directors as an Executive Director.
“The board of directors is grateful for David’s seven years of service as CEO to Stratasys and Objet,” said Elan Jaglom, Stratasys’ Chairman of the Board. “David has shown strong dedication to our customers and employees, while guiding the company through a period of extraordinary growth. He is also responsible for initiating a critical business transformation designed to support our long-term leadership in the prototyping market while expanding into applications for manufacturing. The board looks forward to working with David in his capacity as Executive Director and to the value he will provide in supporting our long-term strategy.”
Effective July 1, Ilan Levin, a member of the Board and Executive Committee of Stratasys, will assume the role of CEO.
Mr. Levin has served as a member of the Board of Directors of Objet since 2000 and served as President and Vice Chairman of the Objet Board prior to the Stratasys-Objet merger in 2012. Mr. Jaglom remarked, “Speaking on behalf of the whole Board, we are confident that Ilan’s understanding of the company’s business and strategy will enable him to build upon Stratasys’ market position, foster a smooth transition and successfully advance the company’s strategic vision.”
“It has been a privilege to lead Stratasys and its very talented team during a truly transformative period for our company and industry,” said Mr. Reis, Stratasys’ outgoing CEO. “The time has come to transition leadership, and I am extremely pleased to have a highly-capable successor who has extensive knowledge of all aspects of Stratasys, including our technologies, markets and strategic roadmap. Ilan is an additive manufacturing pioneer, and has been a key figure in our industry for many years. I am confident in his ability to conduct a seamless transition and lead our company into the future.”
Mr. Levin said, “I am honored to be taking on the role as CEO and to continue working with the global Stratasys team to advance our company’s goals and values.” (Original Source)
Shares of Stratasys closed yesterday at $22.88, up $0.06 or 0.26%. SSYS has a 1-year high of $39.45 and a 1-year low of $14.48. The stock’s 50-day moving average is $23.32 and its 200-day moving average is $22.52.
On the ratings front, Stratasys has been the subject of a number of recent research reports. In a report issued on May 25, FBR analyst Holden Lewis initiated coverage with a Buy rating on SSYS and a price target of $29, which implies an upside of 26.7% from current levels. Separately, on May 10, Needham’s James Ricchiuti reiterated a Buy rating on the stock and has a price target of $26.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Holden Lewis and James Ricchiuti have a total average return of -16.7% and 4.5% respectively. Lewis has a success rate of 26.9% and is ranked #3819 out of 3986 analysts, while Ricchiuti has a success rate of 55% and is ranked #551.
Overall, 3 research analysts have rated the stock with a Sell rating, 3 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $27.33 which is 19.4% above where the stock closed yesterday.
Stratasys Ltd. is a 3D printing solutions company. It provides additive manufacturing solutions for the creation of parts used in the processes of designing and manufacturing products and for the direct manufacture of end parts. The company’s systems include desktop 3D printers for idea and design development, various systems for rapid prototyping and large production systems for direct digital manufacturing. It also develops, manufactures and sells materials for use with its systems and provides related service offerings to its customers.