PROCEPT BioRobotics (NASDAQ:PRCT) Given New $99.00 Price Target at TD Cowen

PROCEPT BioRobotics (NASDAQ:PRCT) had its target price raised by analysts at TD Cowen from $75.00 to $99.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s target price points to a potential upside of 19.26% from the stock’s previous close.

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

PROCEPT BioRobotics Stock Up 2.3 %

Shares of NASDAQ PRCT traded up $1.90 during midday trading on Monday, hitting $83.01. 69,807 shares of the company’s stock were exchanged, compared to its average volume of 589,674. The firm’s fifty day simple moving average is $69.64 and its 200-day simple moving average is $61.54. The company has a market cap of $4.27 billion, a PE ratio of -39.16 and a beta of 1.03. PROCEPT BioRobotics has a twelve month low of $24.83 and a twelve month high of $85.81. The company has a debt-to-equity ratio of 0.20, a current ratio of 7.51 and a quick ratio of 6.49.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results 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 business 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 business posted ($0.56) EPS. The company’s revenue for the quarter was up 61.2% on a year-over-year basis. Research analysts predict that PROCEPT BioRobotics will post -1.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Antal Rohit Desai sold 13,305 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the transaction, the director now directly owns 317,518 shares in the company, valued at $24,248,849.66. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 129,892 shares of company stock worth $10,071,915. 17.40% of the stock is owned by insiders.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors have recently modified their holdings of the business. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of PROCEPT BioRobotics during the 2nd quarter worth $36,000. Quest Partners LLC grew its position 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 buying an additional 648 shares during the period. Fairman Group LLC purchased a new position in PROCEPT BioRobotics in the fourth quarter valued at about $84,000. Canada Pension Plan Investment Board acquired a new stake in shares of PROCEPT BioRobotics during the 2nd quarter valued at approximately $128,000. Finally, RiverPark Advisors LLC purchased a new stake in shares of PROCEPT BioRobotics during the 2nd quarter worth approximately $135,000. 89.46% of the stock is currently owned by hedge funds and other 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).