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

Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) have received an average rating of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $89.50.

PRCT has been the topic of several recent research reports. Jefferies Financial Group initiated coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They set a “hold” rating and a $95.00 price objective on the stock. Wells Fargo & Company boosted their price target on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Bank of America raised their price objective on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Piper Sandler reissued an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Finally, Truist Financial reissued a “buy” rating and issued a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th.

PROCEPT BioRobotics Price Performance

NASDAQ:PRCT opened at $92.70 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07. The stock has a market cap of $4.84 billion, a P/E ratio of -47.54 and a beta of 1.01. The company has a fifty day moving average price of $81.88 and a 200 day moving average price of $72.08. PROCEPT BioRobotics has a one year low of $31.57 and a one year high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $58.40 million during the quarter, compared to analysts’ expectations of $53.30 million. During the same quarter last year, the company earned ($0.51) earnings per share. The firm’s revenue was up 66.4% on a year-over-year basis. Analysts anticipate that PROCEPT BioRobotics will post -1.74 earnings per share for the current year.

Insider Activity

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of PROCEPT BioRobotics stock in a transaction on Monday, September 16th. The stock was sold at an average price of $82.51, for a total value of $2,062,750.00. Following the completion of the transaction, the chief financial officer now owns 96,096 shares in the company, valued at approximately $7,928,880.96. The trade was a 20.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Antal Rohit Desai sold 35,220 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $76.12, for a total value of $2,680,946.40. Following the sale, the director now owns 23,963 shares in the company, valued at $1,824,063.56. The trade was a 59.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 535,353 shares of company stock worth $46,627,426. Corporate insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. M&G Plc bought a new position in PROCEPT BioRobotics in the 2nd quarter worth approximately $8,507,000. Federated Hermes Inc. raised its position 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 acquiring an additional 162,785 shares during the last quarter. Nicholas Investment Partners LP acquired a new position in shares of PROCEPT BioRobotics during the second quarter valued at $4,657,000. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 62,164 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in PROCEPT BioRobotics by 8.5% in the first quarter. ProShare Advisors LLC now owns 7,250 shares of the company’s stock worth $358,000 after purchasing an additional 570 shares during the period. 89.46% of the stock is owned by institutional investors.

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).