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

PROCEPT BioRobotics Co. (NASDAQ:PRCT) has received an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $89.50.

Several brokerages recently issued reports on PRCT. Wells Fargo & Company boosted their price objective on PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Jefferies Financial Group initiated coverage on shares of PROCEPT BioRobotics in a research report on Thursday. They issued a “hold” rating and a $95.00 price objective on the stock. TD Cowen lifted their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, September 16th. 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. Finally, Piper Sandler reissued an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ:PRCT opened at $88.94 on Thursday. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -45.61 and a beta of 1.01. The firm’s 50 day simple moving average is $80.97 and its 200 day simple moving average is $71.45. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07. PROCEPT BioRobotics has a fifty-two week low of $31.57 and a fifty-two week high of $103.81.

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

Insider Transactions at PROCEPT BioRobotics

In related news, CEO Reza Zadno sold 288,461 shares of PROCEPT BioRobotics stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $91.00, for a total transaction of $26,249,951.00. Following the completion of the sale, the chief executive officer now owns 258,445 shares of the company’s stock, valued at approximately $23,518,495. The trade was a 52.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Antal Rohit Desai sold 13,305 shares of the 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 directly owns 317,518 shares in the company, valued at approximately $24,248,849.66. This represents a 4.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 535,353 shares of company stock worth $46,627,426 in the last 90 days. Corporate insiders own 17.40% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Institutional investors and hedge funds have recently made changes to their positions in the company. M&G Plc bought a new position in PROCEPT BioRobotics during the 2nd quarter worth $8,507,000. Federated Hermes Inc. increased its holdings in shares of PROCEPT BioRobotics by 788.9% during the second quarter. Federated Hermes Inc. now owns 183,420 shares of the company’s stock worth $11,205,000 after purchasing an additional 162,785 shares during the period. Nicholas Investment Partners LP acquired a new stake in shares of PROCEPT BioRobotics in the second quarter valued at approximately $4,657,000. Vanguard Group Inc. boosted its stake in shares of PROCEPT BioRobotics by 1.5% in the first quarter. Vanguard Group Inc. now owns 4,246,749 shares of the company’s stock valued at $209,874,000 after buying an additional 62,164 shares during the period. Finally, ProShare Advisors LLC increased its stake in PROCEPT BioRobotics by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 7,250 shares of the company’s stock worth $358,000 after acquiring an additional 570 shares during the period. Institutional investors and hedge funds own 89.46% of the company’s stock.

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).