Morgan Stanley Lowers PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $68.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective lowered by analysts at Morgan Stanley from $71.00 to $68.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 19.21% from the company’s previous close.

Several other research analysts also recently commented on the stock. Wall Street Zen downgraded shares of PROCEPT BioRobotics from a “hold” rating to a “sell” rating in a research report on Saturday, July 12th. Truist Financial dropped their price objective on PROCEPT BioRobotics from $90.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Bank of America decreased their target price on PROCEPT BioRobotics from $104.00 to $84.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Stephens initiated coverage on PROCEPT BioRobotics in a research note on Wednesday, July 9th. They set an “overweight” rating and a $70.00 target price for the company. Finally, Oppenheimer began coverage on shares of PROCEPT BioRobotics in a report on Monday, July 7th. They issued a “market perform” rating for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.13.

PROCEPT BioRobotics Price Performance

PROCEPT BioRobotics stock opened at $57.04 on Tuesday. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -33.55 and a beta of 1.07. The company has a current ratio of 8.95, a quick ratio of 7.75 and a debt-to-equity ratio of 0.13. PROCEPT BioRobotics has a 12 month low of $47.04 and a 12 month high of $103.81. The stock’s 50 day moving average is $58.54 and its 200-day moving average is $62.37.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings data on Thursday, April 24th. The company reported ($0.45) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.04. PROCEPT BioRobotics had a negative return on equity of 28.09% and a negative net margin of 36.20%. The firm had revenue of $69.16 million for the quarter, compared to analysts’ expectations of $65.39 million. During the same quarter last year, the business earned ($0.51) EPS. The company’s quarterly revenue was up 55.5% compared to the same quarter last year. Equities research analysts expect that PROCEPT BioRobotics will post -1.75 EPS for the current year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the transaction, the director directly owned 14,363 shares of the company’s stock, valued at approximately $883,180.87. The trade was a 63.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 100,000 shares of company stock valued at $6,271,250 in the last three months. Corporate insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. ANTIPODES PARTNERS Ltd bought a new stake in PROCEPT BioRobotics in the 1st quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in PROCEPT BioRobotics in the first quarter valued at approximately $40,000. Thematics Asset Management bought a new stake in shares of PROCEPT BioRobotics during the fourth quarter valued at approximately $46,000. CWM LLC raised its position in shares of PROCEPT BioRobotics by 69.5% during the first quarter. CWM LLC now owns 873 shares of the company’s stock worth $51,000 after purchasing an additional 358 shares during the period. Finally, Signaturefd LLC lifted its holdings in shares of PROCEPT BioRobotics by 26.7% in the 4th quarter. Signaturefd LLC now owns 689 shares of the company’s stock worth $55,000 after purchasing an additional 145 shares in the last quarter. 89.46% of the stock is owned by institutional investors.

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).