PROCEPT BioRobotics (NASDAQ:PRCT) Earns Overweight Rating from Analysts at Morgan Stanley

Equities research analysts at Morgan Stanley started coverage on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $105.00 price target on the stock. Morgan Stanley’s target price indicates a potential upside of 8.83% from the stock’s previous close.

A number of other research firms also recently commented on PRCT. Piper Sandler reiterated an “overweight” rating and set a $75.00 price objective on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Truist Financial reissued a “buy” rating and issued a $105.00 target price (up previously from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. Jefferies Financial Group began coverage on shares of PROCEPT BioRobotics in a report on Thursday, November 14th. They set a “hold” rating and a $95.00 price target for the company. TD Cowen increased their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Bank of America lifted their price objective on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $97.86.

PROCEPT BioRobotics Stock Up 0.4 %

Shares of PROCEPT BioRobotics stock opened at $96.48 on Monday. PROCEPT BioRobotics has a 1-year low of $36.52 and a 1-year high of $103.81. The company has a market capitalization of $5.03 billion, a PE ratio of -49.48 and a beta of 0.99. 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 has a 50-day moving average of $84.56 and a 200-day moving average of $74.17.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.09. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The firm had revenue of $58.40 million during the quarter, compared to analyst estimates of $53.30 million. During the same quarter last year, the firm earned ($0.51) EPS. PROCEPT BioRobotics’s quarterly revenue was up 66.4% on a year-over-year basis. As a group, equities analysts forecast that PROCEPT BioRobotics will post -1.73 EPS for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 34,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $95.39, for a total value of $3,243,260.00. Following the transaction, the director now owns 164,363 shares of the company’s stock, valued at approximately $15,678,586.57. This represents a 17.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Reza Zadno sold 288,461 shares of the firm’s stock in a transaction 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 directly owns 258,445 shares of the company’s stock, valued at approximately $23,518,495. This represents a 52.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 552,973 shares of company stock valued at $48,976,847. Corporate insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Hedge funds have recently modified their holdings of the stock. M&G Plc acquired a new position in shares of PROCEPT BioRobotics in the second quarter worth about $8,507,000. Federated Hermes Inc. grew its position in PROCEPT BioRobotics by 788.9% during the 2nd quarter. Federated Hermes Inc. now owns 183,420 shares of the company’s stock worth $11,205,000 after purchasing an additional 162,785 shares in the last quarter. Nicholas Investment Partners LP acquired a new stake in PROCEPT BioRobotics during the 2nd quarter valued at $4,657,000. Penserra Capital Management LLC purchased a new stake in shares of PROCEPT BioRobotics in the third quarter valued at $2,308,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of PROCEPT BioRobotics by 290.2% in the third quarter. Principal Financial Group Inc. now owns 68,617 shares of the company’s stock valued at $5,498,000 after purchasing an additional 51,030 shares in the last quarter. 89.46% of the stock is owned by hedge funds and other 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).