PROCEPT BioRobotics Co. (NASDAQ:PRCT) Receives $97.86 Consensus Target Price from Brokerages

Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) have been given a consensus rating of “Moderate Buy” by the seven brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $97.86.

PRCT has been the topic of several recent analyst reports. Morgan Stanley assumed coverage on shares of PROCEPT BioRobotics in a research note on Monday, December 2nd. They set an “overweight” rating and a $105.00 price objective on the stock. TD Cowen increased their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Wells Fargo & Company reiterated an “overweight” rating and issued a $112.00 target price on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. Finally, Truist Financial reissued a “buy” rating and issued a $105.00 price target (up from $95.00) on shares of PROCEPT BioRobotics in a research note on Wednesday, October 30th.

Insider Activity at PROCEPT BioRobotics

In other news, EVP Alaleh Nouri sold 28,092 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $97.13, for a total value of $2,728,575.96. Following the completion of the sale, the executive vice president now owns 52,472 shares of the company’s stock, valued at $5,096,605.36. This represents a 34.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total transaction of $1,811,750.00. Following the completion of the transaction, the chief financial officer now directly owns 96,096 shares in the company, valued at approximately $6,964,077.12. This represents a 20.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 512,816 shares of company stock worth $46,883,299. 17.40% of the stock is owned by insiders.

Institutional Trading of PROCEPT BioRobotics

Large investors have recently added to or reduced their stakes in the stock. Westfield Capital Management Co. LP purchased a new stake in shares of PROCEPT BioRobotics in the third quarter worth about $72,563,000. Franklin Resources Inc. boosted its holdings in PROCEPT BioRobotics by 64.5% in the 3rd quarter. Franklin Resources Inc. now owns 885,992 shares of the company’s stock worth $64,669,000 after acquiring an additional 347,330 shares during the period. Lord Abbett & CO. LLC boosted its holdings in PROCEPT BioRobotics by 45.3% in the 3rd quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock worth $59,974,000 after acquiring an additional 233,430 shares during the period. Chicago Capital LLC acquired a new stake in PROCEPT BioRobotics in the second quarter valued at approximately $14,233,000. Finally, Federated Hermes Inc. raised its stake 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 valued at $11,205,000 after purchasing an additional 162,785 shares during the period. 89.46% of the stock is currently owned by institutional investors and hedge funds.

PROCEPT BioRobotics Stock Performance

PROCEPT BioRobotics stock opened at $89.24 on Monday. PROCEPT BioRobotics has a fifty-two week low of $39.48 and a fifty-two week high of $103.81. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of -45.76 and a beta of 0.99. The stock has a fifty day moving average of $87.04 and a two-hundred day moving average of $75.47. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings data on Monday, October 28th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.09. The firm had revenue of $58.40 million during the quarter, compared to analysts’ expectations of $53.30 million. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The firm’s quarterly revenue was up 66.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.51) EPS. On average, analysts anticipate that PROCEPT BioRobotics will post -1.75 EPS for the current fiscal year.

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).