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

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target hoisted by TD Cowen from $65.00 to $75.00 in a report issued on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company raised their price target on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the stock an overweight rating in a report on Tuesday, January 9th. Piper Sandler boosted their target price on PROCEPT BioRobotics from $67.00 to $75.00 and gave the company an overweight rating in a research report on Monday. Finally, Truist Financial increased their price target on PROCEPT BioRobotics from $63.00 to $72.00 and gave the stock a buy rating in a report on Thursday, May 2nd. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, PROCEPT BioRobotics presently has a consensus rating of Buy and a consensus target price of $61.20.

PROCEPT BioRobotics Stock Down 3.9 %

Shares of NASDAQ:PRCT opened at $60.36 on Monday. PROCEPT BioRobotics has a 12-month low of $24.83 and a 12-month high of $65.00. The company has a quick ratio of 7.44, a current ratio of 8.52 and a debt-to-equity ratio of 0.19. The firm has a market cap of $3.10 billion, a P/E ratio of -28.47 and a beta of 0.95. The business has a fifty day simple moving average of $50.97 and a 200 day simple moving average of $44.42.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.51) EPS for the quarter, beating 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 in the prior year, the firm posted ($0.63) earnings per share. The business’s quarterly revenue was up 82.4% compared to the same quarter last year. Analysts predict that PROCEPT BioRobotics will post -1.96 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Alaleh Nouri sold 30,432 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 62,472 shares in the company, valued at approximately $3,933,861.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Alaleh Nouri sold 30,432 shares of PROCEPT BioRobotics stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $62.97, for a total value of $1,916,303.04. Following the completion of the sale, the executive vice president now owns 62,472 shares of the company’s stock, valued at approximately $3,933,861.84. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Thomas M. Krummel sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the sale, the director now owns 45,631 shares in the company, valued at $2,737,860. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 138,371 shares of company stock worth $7,459,789. Insiders own 19.60% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

Institutional investors have recently added to or reduced their stakes in the stock. Fairman Group LLC bought a new position in shares of PROCEPT BioRobotics in the fourth quarter valued at approximately $84,000. Blue Trust Inc. increased its position in shares of PROCEPT BioRobotics by 30.9% in the fourth quarter. Blue Trust Inc. now owns 2,629 shares of the company’s stock worth $110,000 after purchasing an additional 620 shares during the last quarter. Glass Jacobson Investment Advisors llc purchased a new stake in shares of PROCEPT BioRobotics during the 4th quarter valued at $138,000. Amalgamated Bank lifted its stake in PROCEPT BioRobotics by 8.8% during the third quarter. Amalgamated Bank now owns 5,488 shares of the company’s stock worth $180,000 after purchasing an additional 442 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in PROCEPT BioRobotics in the 4th quarter worth approximately $201,000. 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).