PROCEPT BioRobotics (NASDAQ:PRCT) PT Raised to $99.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target hoisted by research analysts at TD Cowen from $75.00 to $99.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective indicates a potential upside of 24.04% from the company’s previous close.

A number of other brokerages also recently commented on PRCT. 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 research note on Friday, August 2nd. Bank of America upped 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 upped 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 research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $78.17.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ:PRCT opened at $79.81 on Monday. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of -37.65 and a beta of 1.03. PROCEPT BioRobotics has a 12 month low of $24.83 and a 12 month high of $85.81. The firm’s 50-day moving average is $70.28 and its 200 day moving average is $62.00. The company has a current ratio of 7.51, a quick ratio of 6.49 and a debt-to-equity ratio of 0.20.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Thursday, August 1st. The company reported ($0.50) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.02. The business had revenue of $53.35 million for the quarter, compared to the consensus estimate of $50.10 million. PROCEPT BioRobotics had a negative net margin of 58.73% and a negative return on equity of 37.85%. The company’s revenue for the quarter was up 61.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.56) EPS. Research analysts predict that PROCEPT BioRobotics will post -1.88 EPS for the current year.

Insider Transactions at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 13,305 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 317,518 shares of the company’s stock, valued at approximately $24,248,849.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 129,892 shares of company stock valued at $10,071,915. Company insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank lifted its position in PROCEPT BioRobotics by 5.8% during the fourth quarter. Amalgamated Bank now owns 5,804 shares of the company’s stock valued at $243,000 after acquiring an additional 316 shares during the last quarter. Essex Investment Management Co. LLC lifted its position in PROCEPT BioRobotics by 0.6% during the first quarter. Essex Investment Management Co. LLC now owns 60,116 shares of the company’s stock valued at $2,971,000 after acquiring an additional 336 shares during the last quarter. 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 valued at $784,000 after acquiring an additional 350 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in PROCEPT BioRobotics by 4.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,913 shares of the company’s stock valued at $606,000 after acquiring an additional 408 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in PROCEPT BioRobotics by 5.7% during the 4th quarter. Principal Financial Group Inc. now owns 10,588 shares of the company’s stock valued at $444,000 after purchasing an additional 568 shares in the last quarter. Hedge funds and other institutional investors 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).