Piper Sandler Raises PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $75.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target boosted by Piper Sandler from $67.00 to $75.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 19.45% from the stock’s previous close.

Several other equities analysts also recently commented on PRCT. Wells Fargo & Company upped their price objective on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. Truist Financial upped their price objective on shares of PROCEPT BioRobotics from $63.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, PROCEPT BioRobotics currently has a consensus rating of “Buy” and an average target price of $61.20.

PROCEPT BioRobotics Stock Performance

NASDAQ PRCT opened at $62.79 on Monday. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -29.62 and a beta of 0.95. The company has a 50-day simple moving average of $50.75 and a two-hundred day simple moving average of $44.31. The company has a quick ratio of 7.44, a current ratio of 8.52 and a debt-to-equity ratio of 0.19. PROCEPT BioRobotics has a 12-month low of $24.83 and a 12-month high of $65.00.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.04. The firm had revenue of $44.50 million during the quarter, compared to the consensus estimate of $41.58 million. PROCEPT BioRobotics had a negative net margin of 66.12% and a negative return on equity of 41.35%. The company’s quarterly revenue was up 82.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.63) earnings per share. On average, equities analysts forecast that PROCEPT BioRobotics will post -1.96 EPS for the current year.

Insider Buying and Selling

In related news, EVP Alaleh Nouri sold 30,432 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $62.97, for a total value of $1,916,303.04. Following the completion of the transaction, the executive vice president now directly owns 62,472 shares of the company’s stock, valued at $3,933,861.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 30,432 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $62.97, for a total transaction of $1,916,303.04. Following the completion of the transaction, the executive vice president now owns 62,472 shares of the company’s stock, valued at $3,933,861.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas M. Krummel sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the transaction, the director now directly owns 45,631 shares of the company’s stock, valued at approximately $2,737,860. The disclosure for this sale can be found here. Insiders sold a total of 138,371 shares of company stock valued at $7,459,789 over the last three months. Corporate insiders own 19.60% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of PROCEPT BioRobotics by 10.4% during the third quarter. Vanguard Group Inc. now owns 4,074,891 shares of the company’s stock valued at $133,697,000 after buying an additional 385,271 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of PROCEPT BioRobotics during the third quarter valued at approximately $26,404,000. American Century Companies Inc. grew its holdings in shares of PROCEPT BioRobotics by 14.2% during the third quarter. American Century Companies Inc. now owns 655,295 shares of the company’s stock valued at $21,500,000 after buying an additional 81,534 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in shares of PROCEPT BioRobotics by 49.3% during the fourth quarter. Handelsbanken Fonder AB now owns 10,300 shares of the company’s stock valued at $432,000 after buying an additional 3,400 shares during the last quarter. Finally, Dark Forest Capital Management LP purchased a new stake in PROCEPT BioRobotics in the third quarter worth approximately $583,000. Hedge funds and other institutional investors own 89.46% of the company’s stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).