Leerink Partnrs Issues Optimistic Forecast for PRCT Earnings

PROCEPT BioRobotics Co. (NASDAQ:PRCT) – Stock analysts at Leerink Partnrs upped their Q3 2024 earnings estimates for shares of PROCEPT BioRobotics in a research report issued on Tuesday, October 15th. Leerink Partnrs analyst M. Kratky now anticipates that the company will earn ($0.48) per share for the quarter, up from their previous forecast of ($0.49). The consensus estimate for PROCEPT BioRobotics’ current full-year earnings is ($1.88) per share. Leerink Partnrs also issued estimates for PROCEPT BioRobotics’ FY2024 earnings at ($1.89) EPS, FY2025 earnings at ($1.42) EPS, FY2026 earnings at ($0.80) EPS and FY2028 earnings at $0.10 EPS.

Other equities research analysts have also issued reports about the stock. Piper Sandler reissued an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Truist Financial raised their price objective on shares of PROCEPT BioRobotics from $74.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Wells Fargo & Company upped their target price on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Bank of America raised their price target on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Finally, TD Cowen upped their price objective on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $86.40.

PROCEPT BioRobotics Stock Performance

Shares of PRCT opened at $68.95 on Friday. PROCEPT BioRobotics has a 52 week low of $24.83 and a 52 week high of $85.81. The company has a quick ratio of 6.49, a current ratio of 7.51 and a debt-to-equity ratio of 0.20. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of -32.52 and a beta of 1.03. The business has a 50-day simple moving average of $75.48 and a two-hundred day simple moving average of $66.35.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.02. PROCEPT BioRobotics had a negative net margin of 58.73% and a negative return on equity of 37.85%. The business had revenue of $53.35 million for the quarter, compared to the consensus estimate of $50.10 million. During the same period last year, the firm earned ($0.56) earnings per share. The company’s quarterly revenue was up 61.2% on a year-over-year basis.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of PROCEPT BioRobotics by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 4,246,749 shares of the company’s stock worth $209,874,000 after purchasing an additional 62,164 shares during the period. Wellington Management Group LLP increased its position in PROCEPT BioRobotics by 32.4% during the fourth quarter. Wellington Management Group LLP now owns 1,065,698 shares of the company’s stock valued at $44,663,000 after acquiring an additional 260,946 shares during the last quarter. Bellevue Group AG raised its stake in shares of PROCEPT BioRobotics by 0.5% in the first quarter. Bellevue Group AG now owns 890,114 shares of the company’s stock valued at $43,989,000 after acquiring an additional 4,768 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of PROCEPT BioRobotics by 8.9% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 627,822 shares of the company’s stock worth $31,027,000 after acquiring an additional 51,305 shares during the last quarter. Finally, Blair William & Co. IL bought a new stake in shares of PROCEPT BioRobotics in the 1st quarter worth about $21,240,000. 89.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Antal Rohit Desai sold 13,305 shares of PROCEPT BioRobotics stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $76.37, for a total value of $1,016,102.85. Following the sale, the director now directly owns 317,518 shares of the company’s stock, valued at approximately $24,248,849.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Antal Rohit Desai sold 13,305 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $76.37, for a total value of $1,016,102.85. Following the sale, the director now owns 317,518 shares in the company, valued at approximately $24,248,849.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the 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 transaction, the chief financial officer now owns 96,096 shares of the company’s stock, valued at $6,964,077.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 179,892 shares of company stock worth $13,946,415 in the last 90 days. 17.40% of the stock is currently owned by corporate insiders.

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).