PROCEPT BioRobotics (NASDAQ:PRCT) Price Target Raised to $72.00 at Truist Financial

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective upped by Truist Financial from $63.00 to $72.00 in a research report released on Thursday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Separately, Wells Fargo & Company increased their price objective on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an overweight rating in a research report on Tuesday, January 9th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $49.50.

PROCEPT BioRobotics Stock Up 4.2 %

Shares of PRCT traded up $2.57 on Thursday, hitting $64.31. 1,143,117 shares of the stock traded hands, compared to its average volume of 664,889. PROCEPT BioRobotics has a one year low of $24.83 and a one year high of $64.89. The company has a debt-to-equity ratio of 0.18, a current ratio of 7.63 and a quick ratio of 6.77. The business has a 50 day simple moving average of $50.25 and a 200 day simple moving average of $43.72.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly 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. PROCEPT BioRobotics had a negative return on equity of 42.13% and a negative net margin of 66.12%. The firm had revenue of $44.50 million during the quarter, compared to analysts’ expectations of $41.58 million. During the same quarter in the previous year, the business earned ($0.63) earnings per share. The company’s revenue was up 82.4% on a year-over-year basis. On average, equities analysts forecast that PROCEPT BioRobotics will post -1.96 EPS for the current year.

Insider Activity

In related news, CEO Reza Zadno sold 9,179 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $46.67, for a total value of $428,383.93. Following the transaction, the chief executive officer now owns 246,710 shares of the company’s stock, valued at $11,513,955.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other PROCEPT BioRobotics news, CFO Kevin Waters sold 904 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $50.00, for a total value of $45,200.00. Following the completion of the sale, the chief financial officer now owns 33,523 shares in the company, valued at $1,676,150. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Reza Zadno sold 9,179 shares of PROCEPT BioRobotics stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $46.67, for a total value of $428,383.93. Following the transaction, the chief executive officer now directly owns 246,710 shares in the company, valued at $11,513,955.70. The disclosure for this sale can be found here. Insiders sold 124,581 shares of company stock valued at $6,570,023 in the last quarter. 19.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

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