PROCEPT BioRobotics (NASDAQ:PRCT) Given New $75.00 Price Target at TD Cowen

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target increased by equities research analysts at TD Cowen from $65.00 to $75.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective indicates a potential upside of 22.65% from the company’s previous close.

PRCT has been the topic of a number of other research reports. Wells Fargo & Company increased their price objective on PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an “overweight” rating in a report on Tuesday, January 9th. Piper Sandler boosted their price target 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 raised their target price on shares of PROCEPT BioRobotics from $63.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $61.20.

PROCEPT BioRobotics Stock Down 4.9 %

Shares of PRCT traded down $3.16 during mid-day trading on Monday, hitting $61.15. 663,267 shares of the company’s stock were exchanged, compared to its average volume of 538,907. The stock’s 50-day moving average is $50.25 and its 200-day moving average is $43.82. The company has a debt-to-equity ratio of 0.19, a quick ratio of 7.44 and a current ratio of 8.52. PROCEPT BioRobotics has a fifty-two week low of $24.83 and a fifty-two week high of $65.00. The company has a market cap of $3.14 billion, a price-to-earnings ratio of -28.77 and a beta of 0.95.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.04. The business had revenue of $44.50 million during the quarter, compared to the consensus estimate of $41.58 million. PROCEPT BioRobotics had a negative net margin of 66.12% and a negative return on equity of 41.35%. The company’s quarterly revenue was up 82.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.63) earnings per share. On average, sell-side analysts anticipate that PROCEPT BioRobotics will post -1.96 earnings per share for the current fiscal year.

Insider Activity

In other PROCEPT BioRobotics news, Director Thomas M. Krummel sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the sale, the director now directly owns 45,631 shares in the company, valued at $2,737,860. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other PROCEPT BioRobotics news, CEO Reza Zadno sold 9,179 shares of the business’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 transaction of $428,383.93. Following the completion of the sale, the chief executive officer now directly owns 246,710 shares in the company, valued at $11,513,955.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas M. Krummel sold 20,000 shares of the firm’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 value of $1,200,000.00. Following the sale, the director now owns 45,631 shares of the company’s stock, valued at approximately $2,737,860. The disclosure for this sale can be found here. In the last three months, insiders sold 144,581 shares of company stock worth $7,770,023. Company insiders own 19.60% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

A number of large investors have recently bought and sold shares of the business. FMR LLC lifted its stake in PROCEPT BioRobotics by 13.0% in the third quarter. FMR LLC now owns 7,553,460 shares of the company’s stock valued at $247,829,000 after buying an additional 870,364 shares during the last quarter. Vanguard Group Inc. grew its position 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 purchasing an additional 109,694 shares during the last quarter. Loomis Sayles & Co. L P increased its stake in shares of PROCEPT BioRobotics by 89.8% in 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 purchasing an additional 636,750 shares during the period. Wellington Management Group LLP raised its holdings in shares of PROCEPT BioRobotics by 32.4% during the fourth quarter. Wellington Management Group LLP now owns 1,065,698 shares of the company’s stock valued at $44,663,000 after buying an additional 260,946 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of PROCEPT BioRobotics by 48.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 923,437 shares of the company’s stock worth $30,298,000 after buying an additional 303,003 shares during the period. 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).