Truist Financial Has Lowered Expectations for PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective trimmed by Truist Financial from $90.00 to $70.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Morgan Stanley cut their price objective on PROCEPT BioRobotics from $105.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, PROCEPT BioRobotics has a consensus rating of “Moderate Buy” and a consensus target price of $91.43.

PROCEPT BioRobotics Stock Up 2.6 %

PROCEPT BioRobotics stock opened at $52.07 on Friday. PROCEPT BioRobotics has a 52 week low of $47.04 and a 52 week high of $103.81. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of -26.70 and a beta of 1.09. The company’s 50-day moving average price is $60.84 and its two-hundred day moving average price is $75.50. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The company had revenue of $68.24 million for the quarter, compared to analyst estimates of $66.79 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. On average, analysts expect that PROCEPT BioRobotics will post -1.75 EPS for the current fiscal year.

Insider Activity

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 733 shares of the company’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $57.06, for a total transaction of $41,824.98. Following the completion of the sale, the chief financial officer now directly owns 107,991 shares of the company’s stock, valued at approximately $6,161,966.46. This represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Reza Zadno sold 5,475 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total transaction of $312,403.50. Following the completion of the transaction, the chief executive officer now owns 173,070 shares of the company’s stock, valued at approximately $9,875,374.20. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,455 shares of company stock worth $368,322. Insiders own 17.40% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

Several large investors have recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of PROCEPT BioRobotics by 11.9% during the fourth quarter. FMR LLC now owns 8,159,208 shares of the company’s stock valued at $656,979,000 after buying an additional 866,328 shares in the last quarter. Vanguard Group Inc. grew its stake in PROCEPT BioRobotics by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 5,140,426 shares of the company’s stock valued at $413,907,000 after acquiring an additional 297,075 shares in the last quarter. Alliancebernstein L.P. grew its stake in PROCEPT BioRobotics by 14.2% during the 4th quarter. Alliancebernstein L.P. now owns 1,752,478 shares of the company’s stock valued at $141,110,000 after acquiring an additional 218,148 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of PROCEPT BioRobotics by 38.8% in the 4th quarter. Wellington Management Group LLP now owns 1,490,952 shares of the company’s stock valued at $120,051,000 after purchasing an additional 416,819 shares during the period. Finally, State Street Corp lifted its position in shares of PROCEPT BioRobotics by 5.9% in the third quarter. State Street Corp now owns 1,179,514 shares of the company’s stock worth $94,503,000 after purchasing an additional 66,175 shares in the last quarter. 89.46% of the stock is 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).