PROCEPT BioRobotics (NASDAQ:PRCT) Now Covered by Morgan Stanley

Morgan Stanley began coverage on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a report released on Monday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $105.00 price target on the stock.

Other research analysts have also recently issued research reports about the stock. Bank of America boosted their price objective on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. TD Cowen upped their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Jefferies Financial Group assumed coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They issued a “hold” rating and a $95.00 price target on the stock. Truist Financial reissued a “buy” rating and set a $105.00 price objective (up from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, PROCEPT BioRobotics currently has an average rating of “Moderate Buy” and a consensus price target of $91.71.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ:PRCT opened at $96.11 on Monday. 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 business’s fifty day moving average price is $84.22 and its two-hundred day moving average price is $73.97. PROCEPT BioRobotics has a fifty-two week low of $36.52 and a fifty-two week high of $103.81. The stock has a market capitalization of $5.02 billion, a price-to-earnings ratio of -49.29 and a beta of 1.01.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $58.40 million during the quarter, compared to analysts’ expectations of $53.30 million. During the same quarter in the previous year, the company posted ($0.51) earnings per share. PROCEPT BioRobotics’s quarterly revenue was up 66.4% compared to the same quarter last year. As a group, analysts predict that PROCEPT BioRobotics will post -1.73 EPS for the current fiscal year.

Insider Activity

In related news, Director Antal Rohit Desai sold 13,305 shares of PROCEPT BioRobotics stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the completion of the sale, the director now owns 317,518 shares of the company’s stock, valued at approximately $24,248,849.66. The trade was a 4.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Reza Zadno sold 288,461 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $91.00, for a total value of $26,249,951.00. Following the sale, the chief executive officer now owns 258,445 shares of the company’s stock, valued at approximately $23,518,495. This represents a 52.74 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 552,973 shares of company stock valued at $48,976,847. 17.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of large investors have recently added to or reduced their stakes in the stock. Essex Investment Management Co. LLC raised its holdings in PROCEPT BioRobotics by 0.3% in the 3rd quarter. Essex Investment Management Co. LLC now owns 80,992 shares of the company’s stock valued at $6,489,000 after acquiring an additional 228 shares in the last quarter. Values First Advisors Inc. acquired a new position in PROCEPT BioRobotics in the third quarter valued at about $27,000. Arizona State Retirement System lifted its position in PROCEPT BioRobotics by 2.8% during the second quarter. Arizona State Retirement System now owns 12,840 shares of the company’s stock worth $784,000 after purchasing an additional 350 shares during the period. KBC Group NV grew its stake in PROCEPT BioRobotics by 32.6% during the third quarter. KBC Group NV now owns 1,531 shares of the company’s stock worth $123,000 after buying an additional 376 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in PROCEPT BioRobotics by 4.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,913 shares of the company’s stock valued at $606,000 after buying an additional 408 shares during the period. Institutional investors and hedge funds own 89.46% of the company’s stock.

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).