Piper Sandler Boosts PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $75.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target hoisted by Piper Sandler from $67.00 to $75.00 in a research note released on Monday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research firms have also recently weighed in on PRCT. Wells Fargo & Company upped their price target on PROCEPT BioRobotics from $44.00 to $47.00 and gave the stock an overweight rating in a report on Tuesday, January 9th. Truist Financial upped their target price on PROCEPT BioRobotics from $63.00 to $72.00 and gave the stock a buy rating in a research note on Thursday, May 2nd. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $61.20.

PROCEPT BioRobotics Stock Down 3.9 %

Shares of PRCT opened at $60.36 on Monday. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of -28.47 and a beta of 0.95. PROCEPT BioRobotics has a 52 week low of $24.83 and a 52 week high of $65.00. The stock’s 50-day moving average price is $50.97 and its 200-day moving average price is $44.42. The company has a quick ratio of 7.44, a current ratio of 8.52 and a debt-to-equity ratio of 0.19.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.04. PROCEPT BioRobotics had a negative net margin of 66.12% and a negative return on equity of 41.35%. The business had revenue of $44.50 million for the quarter, compared to analysts’ expectations of $41.58 million. During the same quarter last year, the company earned ($0.63) EPS. The business’s revenue was up 82.4% on a year-over-year basis. On average, sell-side analysts predict that PROCEPT BioRobotics will post -1.96 EPS for the current year.

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 28,677 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $50.09, for a total value of $1,436,430.93. Following the transaction, the chief financial officer now directly owns 33,523 shares in the company, valued at approximately $1,679,167.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other PROCEPT BioRobotics news, CFO Kevin Waters sold 28,677 shares of PROCEPT BioRobotics stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $50.09, for a total transaction of $1,436,430.93. Following the completion of the sale, the chief financial officer now directly owns 33,523 shares in the company, valued at $1,679,167.07. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Alaleh Nouri sold 14,694 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $49.97, for a total transaction of $734,259.18. Following the completion of the transaction, the executive vice president now owns 47,351 shares in the company, valued at $2,366,129.47. The disclosure for this sale can be found here. Insiders sold a total of 138,371 shares of company stock worth $7,459,789 in the last three months. 19.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its position in shares of PROCEPT BioRobotics by 13.0% in the 3rd quarter. FMR LLC now owns 7,553,460 shares of the company’s stock valued at $247,829,000 after purchasing an additional 870,364 shares during the last quarter. Vanguard Group Inc. raised its stake in PROCEPT BioRobotics by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 4,184,585 shares of the company’s stock valued at $175,376,000 after buying an additional 109,694 shares in the last quarter. Loomis Sayles & Co. L P lifted its holdings in PROCEPT BioRobotics by 89.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,345,454 shares of the company’s stock worth $44,144,000 after buying an additional 636,750 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of PROCEPT BioRobotics by 32.4% during the 4th quarter. Wellington Management Group LLP now owns 1,065,698 shares of the company’s stock worth $44,663,000 after acquiring an additional 260,946 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of PROCEPT BioRobotics by 48.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 923,437 shares of the company’s stock valued at $30,298,000 after acquiring an additional 303,003 shares during 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).