TD Cowen Raises PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $99.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective boosted by TD Cowen from $75.00 to $99.00 in a research note issued to investors on Monday morning, Benzinga reports. TD Cowen currently has a buy rating on the stock.

Other research analysts have also recently issued reports about the company. Bank of America boosted their target price on PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a buy rating in a report on Thursday, August 22nd. Truist Financial boosted their price objective on PROCEPT BioRobotics from $74.00 to $95.00 and gave the stock a buy rating in a research note on Tuesday, September 3rd. Finally, Wells Fargo & Company raised their target price on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an overweight rating in a research note on Friday, August 2nd. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, PROCEPT BioRobotics has an average rating of Buy and a consensus price target of $78.17.

PROCEPT BioRobotics Stock Up 4.0 %

NASDAQ PRCT opened at $82.97 on Monday. The business has a fifty day moving average price of $70.63 and a 200 day moving average price of $62.14. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.49 and a current ratio of 7.51. The company has a market cap of $4.31 billion, a P/E ratio of -39.14 and a beta of 1.03. PROCEPT BioRobotics has a one year low of $24.83 and a one year high of $85.81.

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

Insider Activity

In related news, CFO Kevin Waters sold 25,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $82.51, for a total value of $2,062,750.00. Following the completion of the transaction, the chief financial officer now directly owns 96,096 shares in the company, valued at $7,928,880.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Kevin Waters sold 25,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $82.51, for a total value of $2,062,750.00. Following the transaction, the chief financial officer now owns 96,096 shares of the company’s stock, valued at approximately $7,928,880.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Antal Rohit Desai sold 35,220 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $76.12, for a total value of $2,680,946.40. Following the transaction, the director now owns 23,963 shares of the company’s stock, valued at $1,824,063.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 154,892 shares of company stock valued at $12,134,665. 17.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of institutional investors have recently made changes to their positions in the stock. Mark Sheptoff Financial Planning LLC acquired a new position in shares of PROCEPT BioRobotics in the 2nd quarter worth approximately $36,000. Quest Partners LLC lifted its stake in PROCEPT BioRobotics by 2,492.3% during the second quarter. Quest Partners LLC now owns 674 shares of the company’s stock worth $41,000 after purchasing an additional 648 shares in the last quarter. Fairman Group LLC purchased a new position in shares of PROCEPT BioRobotics during the fourth quarter worth $84,000. Canada Pension Plan Investment Board acquired a new stake in shares of PROCEPT BioRobotics in the second quarter valued at $128,000. Finally, RiverPark Advisors LLC purchased a new stake in shares of PROCEPT BioRobotics in the 2nd quarter valued at $135,000. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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).