PROCEPT BioRobotics (NASDAQ:PRCT) Price Target Raised to $75.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective lifted by Piper Sandler from $67.00 to $75.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages have also recently weighed in on PRCT. Wells Fargo & Company upped their price target on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the stock an overweight rating in a research report on Tuesday, January 9th. Truist Financial raised their price target 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. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of Buy and a consensus price target of $61.20.

PROCEPT BioRobotics Price Performance

Shares of PRCT stock opened at $63.00 on Monday. The stock has a 50 day moving average price of $51.26 and a 200 day moving average price of $44.55. PROCEPT BioRobotics has a 52-week low of $24.83 and a 52-week high of $65.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 7.44 and a current ratio of 8.52. The firm has a market capitalization of $3.24 billion, a P/E ratio of -29.72 and a beta of 0.95.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Wednesday, May 1st. The company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.04. The business had revenue of $44.50 million during the quarter, compared to the consensus estimate of $41.58 million. PROCEPT BioRobotics had a negative return on equity of 41.35% and a negative net margin of 66.12%. The business’s revenue for the quarter was up 82.4% compared to the same quarter last year. During the same period last year, the company earned ($0.63) earnings per share. As a group, sell-side analysts predict that PROCEPT BioRobotics will post -1.96 earnings per share for the current year.

Insider Activity

In related news, EVP Alaleh Nouri sold 30,432 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $62.97, for a total transaction of $1,916,303.04. Following the sale, the executive vice president now owns 62,472 shares in the company, valued at $3,933,861.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Kevin Waters sold 1,024 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $48.83, for a total value of $50,001.92. Following the transaction, the chief financial officer now owns 102,149 shares in the company, valued at $4,987,935.67. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Alaleh Nouri sold 30,432 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 62,472 shares of the company’s stock, valued at approximately $3,933,861.84. The disclosure for this sale can be found here. Insiders sold a total of 95,000 shares of company stock valued at $5,289,099 in the last three months. 19.60% of the stock is currently owned by corporate insiders.

Institutional Trading of PROCEPT BioRobotics

A number of hedge funds have recently bought and sold shares of the business. Fairman Group LLC acquired a new position in shares of PROCEPT BioRobotics during the 4th quarter valued at about $84,000. Blue Trust Inc. grew its stake in shares of PROCEPT BioRobotics by 30.9% in the 4th quarter. Blue Trust Inc. now owns 2,629 shares of the company’s stock valued at $110,000 after buying an additional 620 shares during the period. Glass Jacobson Investment Advisors llc acquired a new stake in shares of PROCEPT BioRobotics during the 4th quarter worth approximately $138,000. Jump Financial LLC purchased a new stake in shares of PROCEPT BioRobotics during the 4th quarter valued at approximately $201,000. Finally, Amalgamated Bank lifted its holdings in PROCEPT BioRobotics by 8.8% in the third quarter. Amalgamated Bank now owns 5,488 shares of the company’s stock valued at $180,000 after acquiring an additional 442 shares during the last quarter. Institutional investors and hedge funds own 89.46% of the company’s stock.

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).