PROCEPT BioRobotics (NASDAQ:PRCT) Given New $99.00 Price Target at TD Cowen

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective boosted by TD Cowen from $75.00 to $99.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages also recently commented on PRCT. Wells Fargo & Company boosted their target price on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an overweight rating in a research note on Friday, August 2nd. Bank of America boosted their target price on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a buy rating in a research note on Thursday, August 22nd. Finally, Truist Financial boosted their target price on shares of PROCEPT BioRobotics from $74.00 to $95.00 and gave the stock a buy rating in a research note on Tuesday, September 3rd. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of Buy and an average target price of $78.17.

PROCEPT BioRobotics Stock Up 1.1 %

PROCEPT BioRobotics stock opened at $81.99 on Monday. PROCEPT BioRobotics has a twelve month low of $24.83 and a twelve month high of $85.81. The stock’s fifty day simple moving average is $69.99 and its 200-day simple moving average is $61.78. The company has a current ratio of 7.51, a quick ratio of 6.49 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $4.26 billion, a P/E ratio of -38.67 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.02. PROCEPT BioRobotics had a negative return on equity of 37.85% and a negative net margin of 58.73%. The business had revenue of $53.35 million for the quarter, compared to analyst estimates of $50.10 million. During the same quarter in the prior year, the company earned ($0.56) earnings per share. The company’s revenue was up 61.2% on a year-over-year basis. As a group, equities analysts expect that PROCEPT BioRobotics will post -1.88 earnings per share for the current fiscal year.

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 13,305 shares of the company’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 completion of the transaction, the director now owns 317,518 shares in the company, valued at $24,248,849.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 129,892 shares of company stock worth $10,071,915 over the last 90 days. Corporate insiders own 17.40% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of PROCEPT BioRobotics by 1.5% during the first quarter. Vanguard Group Inc. now owns 4,246,749 shares of the company’s stock worth $209,874,000 after buying an additional 62,164 shares during the period. Wellington Management Group LLP grew its stake in shares of PROCEPT BioRobotics by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 1,065,698 shares of the company’s stock valued at $44,663,000 after purchasing an additional 260,946 shares during the last quarter. Bellevue Group AG increased its holdings 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 purchasing an additional 4,768 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of PROCEPT BioRobotics by 8.9% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 627,822 shares of the company’s stock worth $31,027,000 after purchasing an additional 51,305 shares during the last quarter. Finally, Point72 Europe London LLP lifted its holdings in shares of PROCEPT BioRobotics by 30.5% during the fourth quarter. Point72 Europe London LLP now owns 530,071 shares of the company’s stock worth $22,215,000 after purchasing an additional 123,800 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).