PROCEPT BioRobotics (NASDAQ:PRCT) Earns “Buy” Rating from Truist Financial

PROCEPT BioRobotics (NASDAQ:PRCT)‘s stock had its “buy” rating restated by investment analysts at Truist Financial in a note issued to investors on Wednesday, Benzinga reports. They currently have a $105.00 price objective on the stock, up from their previous price objective of $95.00. Truist Financial’s target price would indicate a potential upside of 16.67% from the stock’s previous close.

Several other research analysts have also issued reports on PRCT. Piper Sandler restated an “overweight” rating and set a $75.00 target price on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Wells Fargo & Company boosted their price objective on PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. TD Cowen lifted their target price on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, Bank of America boosted their target price on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $88.40.

PROCEPT BioRobotics Stock Performance

Shares of PROCEPT BioRobotics stock opened at $90.00 on Wednesday. The company has a current ratio of 6.02, a quick ratio of 6.49 and a debt-to-equity ratio of 0.21. The stock has a 50 day moving average price of $77.20 and a 200-day moving average price of $67.91. PROCEPT BioRobotics has a one year low of $24.91 and a one year high of $99.34.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.09. The business had revenue of $58.40 million for the quarter, compared to analysts’ expectations of $53.30 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The business’s revenue was up 66.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.51) earnings per share. Equities analysts forecast that PROCEPT BioRobotics will post -1.74 EPS for the current year.

Insiders Place Their Bets

In other news, Director Antal Rohit Desai sold 35,220 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $76.12, for a total transaction of $2,680,946.40. Following the transaction, the director now owns 23,963 shares in the company, valued at approximately $1,824,063.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Antal Rohit Desai sold 35,220 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $76.12, for a total value of $2,680,946.40. Following the completion of the sale, the director now owns 23,963 shares of the company’s stock, valued at approximately $1,824,063.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin Waters sold 25,000 shares of PROCEPT BioRobotics stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total transaction of $1,811,750.00. Following the transaction, the chief financial officer now directly owns 96,096 shares in the company, valued at approximately $6,964,077.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 468,353 shares of company stock worth $40,196,366. 17.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in PROCEPT BioRobotics by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 4,184,585 shares of the company’s stock valued at $175,376,000 after purchasing an additional 109,694 shares in the last quarter. M&G Plc purchased a new position in shares of PROCEPT BioRobotics in the 2nd quarter worth approximately $8,507,000. Federated Hermes Inc. raised its stake in shares of PROCEPT BioRobotics by 788.9% during the 2nd quarter. Federated Hermes Inc. now owns 183,420 shares of the company’s stock worth $11,205,000 after acquiring an additional 162,785 shares in the last quarter. Nicholas Investment Partners LP purchased a new stake in PROCEPT BioRobotics during the second quarter valued at approximately $4,657,000. Finally, ProShare Advisors LLC boosted its stake in PROCEPT BioRobotics by 8.5% in the first quarter. ProShare Advisors LLC now owns 7,250 shares of the company’s stock valued at $358,000 after acquiring an additional 570 shares in the last quarter. 89.46% of the stock is owned by institutional investors.

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).