PROCEPT BioRobotics (NASDAQ:PRCT) PT Raised to $99.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its target price upped by investment analysts at TD Cowen from $75.00 to $99.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target indicates a potential upside of 19.26% from the company’s current price.

PRCT has been the topic of a number of other research reports. Truist Financial lifted their price objective on PROCEPT BioRobotics from $74.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Bank of America boosted their price target on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company raised their price objective on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Seven analysts have rated the stock with a buy rating, According to MarketBeat, PROCEPT BioRobotics currently has a consensus rating of “Buy” and an average price target of $78.17.

PROCEPT BioRobotics Price Performance

PRCT stock traded up $1.90 during midday trading on Monday, reaching $83.01. The stock had a trading volume of 69,807 shares, compared to its average volume of 589,674. The company’s fifty day simple moving average is $69.64 and its 200 day simple moving average is $61.54. The company has a current ratio of 7.51, a quick ratio of 6.49 and a debt-to-equity ratio of 0.20. The company has a market cap of $4.27 billion, a price-to-earnings ratio of -39.16 and a beta of 1.03. PROCEPT BioRobotics has a 52-week low of $24.83 and a 52-week high of $85.81.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.02. PROCEPT BioRobotics had a negative net margin of 58.73% and a negative return on equity of 37.85%. The company had revenue of $53.35 million during the quarter, compared to analysts’ expectations of $50.10 million. During the same quarter in the prior year, the company earned ($0.56) EPS. PROCEPT BioRobotics’s revenue was up 61.2% compared to the same quarter last year. As a group, sell-side analysts predict that PROCEPT BioRobotics will post -1.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Antal Rohit Desai sold 13,305 shares of PROCEPT BioRobotics stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $76.37, for a total value of $1,016,102.85. Following the completion of the sale, the director now directly owns 317,518 shares of the company’s stock, valued at $24,248,849.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 129,892 shares of company stock valued at $10,071,915. Company insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRCT. Amalgamated Bank grew its stake in shares of PROCEPT BioRobotics by 5.8% in the fourth quarter. Amalgamated Bank now owns 5,804 shares of the company’s stock worth $243,000 after acquiring an additional 316 shares in the last quarter. Essex Investment Management Co. LLC increased its holdings in PROCEPT BioRobotics by 0.6% during the 1st quarter. Essex Investment Management Co. LLC now owns 60,116 shares of the company’s stock worth $2,971,000 after purchasing an additional 336 shares during the period. Arizona State Retirement System raised its position in PROCEPT BioRobotics by 2.8% in the 2nd quarter. Arizona State Retirement System now owns 12,840 shares of the company’s stock valued at $784,000 after purchasing an additional 350 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of PROCEPT BioRobotics by 4.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,913 shares of the company’s stock valued at $606,000 after buying an additional 408 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of PROCEPT BioRobotics by 5.7% during the fourth quarter. Principal Financial Group Inc. now owns 10,588 shares of the company’s stock worth $444,000 after buying an additional 568 shares during the period. Institutional investors and hedge funds own 89.46% of the company’s stock.

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).