Brokerages Set PROCEPT BioRobotics Co. (NASDAQ:PRCT) Price Target at $89.50

PROCEPT BioRobotics Co. (NASDAQ:PRCT) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $89.50.

A number of research analysts recently commented on PRCT shares. Truist Financial reaffirmed a “buy” rating and set a $105.00 price objective (up from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Bank of America lifted their price objective on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. TD Cowen upped their target price on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Jefferies Financial Group began coverage on PROCEPT BioRobotics in a report on Thursday. They set a “hold” rating and a $95.00 price target for the company. Finally, Wells Fargo & Company increased their price objective on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd.

PROCEPT BioRobotics Trading Up 3.5 %

PROCEPT BioRobotics stock opened at $88.94 on Thursday. PROCEPT BioRobotics has a 52 week low of $31.57 and a 52 week high of $103.81. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. The firm has a market capitalization of $4.64 billion, a price-to-earnings ratio of -45.61 and a beta of 1.01. The company has a 50 day moving average price of $80.97 and a 200 day moving average price of $71.45.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings results on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.09. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The business had revenue of $58.40 million for the quarter, compared to the consensus estimate of $53.30 million. During the same quarter in the previous year, the company posted ($0.51) earnings per share. PROCEPT BioRobotics’s revenue for the quarter was up 66.4% compared to the same quarter last year. Research analysts forecast that PROCEPT BioRobotics will post -1.74 EPS for the current year.

Insider Buying and Selling

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 13,305 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the completion of the transaction, the director now owns 317,518 shares in the company, valued at $24,248,849.66. This trade represents a 4.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Reza Zadno sold 288,461 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $91.00, for a total value of $26,249,951.00. Following the transaction, the chief executive officer now owns 258,445 shares of the company’s stock, valued at $23,518,495. This trade represents a 52.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 535,353 shares of company stock valued at $46,627,426. Company insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of PROCEPT BioRobotics by 1.5% during the first quarter. Vanguard Group Inc. now owns 4,246,749 shares of the company’s stock valued at $209,874,000 after purchasing an additional 62,164 shares during the last quarter. State Street Corp grew its position in shares of PROCEPT BioRobotics by 5.9% during the 3rd quarter. State Street Corp now owns 1,179,514 shares of the company’s stock worth $94,503,000 after buying an additional 66,175 shares during the period. Geode Capital Management LLC raised its stake in shares of PROCEPT BioRobotics by 8.2% during the third quarter. Geode Capital Management LLC now owns 1,106,588 shares of the company’s stock worth $88,678,000 after buying an additional 84,244 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in PROCEPT BioRobotics in the third quarter valued at approximately $72,563,000. Finally, Bellevue Group AG boosted its stake in PROCEPT BioRobotics by 0.5% in the first quarter. Bellevue Group AG now owns 890,114 shares of the company’s stock valued at $43,989,000 after acquiring an additional 4,768 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.

PROCEPT BioRobotics Company Profile

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).