TD Cowen Boosts PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $75.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective boosted by investment analysts at TD Cowen from $65.00 to $75.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 19.45% from the company’s current price.

PRCT has been the subject of a number of other research reports. Truist Financial increased their target price on shares of PROCEPT BioRobotics from $63.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Wells Fargo & Company raised their price objective on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the stock an “overweight” rating in a report on Tuesday, January 9th. Finally, Piper Sandler lifted their target price on shares of PROCEPT BioRobotics from $67.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, PROCEPT BioRobotics has an average rating of “Buy” and an average price target of $61.20.

PROCEPT BioRobotics Stock Up 2.2 %

NASDAQ PRCT opened at $62.79 on Monday. PROCEPT BioRobotics has a 1-year low of $24.83 and a 1-year high of $65.00. The company has a current ratio of 8.52, a quick ratio of 7.44 and a debt-to-equity ratio of 0.19. The stock’s 50 day moving average is $50.75 and its two-hundred day moving average is $44.31. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -29.62 and a beta of 0.95.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.04. PROCEPT BioRobotics had a negative return on equity of 41.35% and a negative net margin of 66.12%. The business had revenue of $44.50 million for the quarter, compared to analyst estimates of $41.58 million. During the same quarter in the previous year, the firm earned ($0.63) EPS. PROCEPT BioRobotics’s quarterly revenue was up 82.4% on a year-over-year basis. Equities analysts forecast that PROCEPT BioRobotics will post -1.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 1,024 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $48.83, for a total value of $50,001.92. Following the completion of the transaction, the chief financial officer now directly owns 102,149 shares of the company’s stock, valued at $4,987,935.67. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 30,432 shares of the business’s 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kevin Waters sold 1,024 shares of PROCEPT BioRobotics stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $48.83, for a total transaction of $50,001.92. Following the sale, the chief financial officer now owns 102,149 shares of the company’s stock, valued at approximately $4,987,935.67. The disclosure for this sale can be found here. Insiders have sold a total of 138,371 shares of company stock valued at $7,459,789 in the last 90 days. 19.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several institutional investors have recently modified their holdings of the business. Sei Investments Co. lifted its stake in shares of PROCEPT BioRobotics by 35.9% in the 1st quarter. Sei Investments Co. now owns 22,777 shares of the company’s stock valued at $1,126,000 after purchasing an additional 6,011 shares during the period. Swiss National Bank grew its position in shares of PROCEPT BioRobotics by 1.8% during the 1st quarter. Swiss National Bank now owns 89,700 shares of the company’s stock worth $4,433,000 after buying an additional 1,600 shares during the period. Quantbot Technologies LP increased its stake in shares of PROCEPT BioRobotics by 151.9% in the 1st quarter. Quantbot Technologies LP now owns 30,574 shares of the company’s stock valued at $1,511,000 after acquiring an additional 18,437 shares during the last quarter. Essex Investment Management Co. LLC boosted its stake in PROCEPT BioRobotics by 0.6% during the 1st quarter. Essex Investment Management Co. LLC now owns 60,116 shares of the company’s stock worth $2,971,000 after acquiring an additional 336 shares during the last quarter. Finally, SpiderRock Advisors LLC bought a new stake in PROCEPT BioRobotics in the first quarter valued at approximately $307,000. Institutional investors and hedge funds 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).