PROCEPT BioRobotics (NASDAQ:PRCT) PT Raised to $75.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its target price boosted by equities researchers at TD Cowen from $65.00 to $75.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 19.45% from the company’s previous close.

A number of other equities analysts have also issued reports on the company. Piper Sandler upped their target price on PROCEPT BioRobotics from $67.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday. Truist Financial raised their price objective on shares of PROCEPT BioRobotics from $63.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Wells Fargo & Company upped their target price on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, PROCEPT BioRobotics presently has an average rating of “Buy” and a consensus target price of $61.20.

PROCEPT BioRobotics Trading Up 2.2 %

NASDAQ:PRCT opened at $62.79 on Monday. The business’s 50-day moving average is $50.75 and its two-hundred day moving average is $44.31. The company has a debt-to-equity ratio of 0.19, a current ratio of 8.52 and a quick ratio of 7.44. PROCEPT BioRobotics has a 12 month low of $24.83 and a 12 month high of $65.00. The firm has a market capitalization of $3.23 billion, a PE ratio of -29.62 and a beta of 0.95.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.04. PROCEPT BioRobotics had a negative return on equity of 41.35% and a negative net margin of 66.12%. The company had revenue of $44.50 million for the quarter, compared to analyst estimates of $41.58 million. During the same period last year, the company posted ($0.63) earnings per share. The firm’s revenue was up 82.4% compared to the same quarter last year. Research analysts predict that PROCEPT BioRobotics will post -1.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Kevin Waters sold 28,677 shares of PROCEPT BioRobotics stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $50.09, for a total value of $1,436,430.93. Following the completion of the transaction, the chief financial officer now directly owns 33,523 shares of the company’s stock, valued at approximately $1,679,167.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Alaleh Nouri sold 30,432 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $62.97, for a total transaction of $1,916,303.04. Following the completion of the transaction, the executive vice president now owns 62,472 shares in the company, valued at approximately $3,933,861.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin Waters sold 28,677 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $50.09, for a total value of $1,436,430.93. Following the transaction, the chief financial officer now owns 33,523 shares of the company’s stock, valued at $1,679,167.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 138,371 shares of company stock valued at $7,459,789. Company insiders own 19.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PRCT. Bank of New York Mellon Corp grew its stake in PROCEPT BioRobotics by 5.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 128,732 shares of the company’s stock worth $4,224,000 after buying an additional 7,035 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in PROCEPT BioRobotics by 23.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,721 shares of the company’s stock worth $286,000 after buying an additional 1,684 shares during the last quarter. TD Asset Management Inc grew its stake in PROCEPT BioRobotics by 70.9% during the 3rd quarter. TD Asset Management Inc now owns 259,816 shares of the company’s stock worth $8,525,000 after buying an additional 107,797 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in PROCEPT BioRobotics by 48.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 923,437 shares of the company’s stock worth $30,298,000 after buying an additional 303,003 shares during the last quarter. Finally, M&T Bank Corp bought a new position in PROCEPT BioRobotics during the 3rd quarter worth $293,000. 89.46% of the stock is currently owned by institutional investors.

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).