Analysts Set PROCEPT BioRobotics Co. (NASDAQ:PRCT) Price Target at $78.17

PROCEPT BioRobotics Co. (NASDAQ:PRCT) has been assigned an average rating of “Buy” from the seven analysts that are currently covering the stock, MarketBeat reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $78.17.

A number of equities research analysts have recently weighed in on PRCT shares. TD Cowen boosted their target price on PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Wells Fargo & Company upped their price objective on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. 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, Truist Financial raised their price objective on shares of PROCEPT BioRobotics from $74.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd.

PROCEPT BioRobotics Price Performance

Shares of PROCEPT BioRobotics stock opened at $79.53 on Tuesday. The stock has a market capitalization of $4.13 billion, a P/E ratio of -37.51 and a beta of 1.03. PROCEPT BioRobotics has a one year low of $24.83 and a one year 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. The business’s 50 day simple moving average is $72.35 and its two-hundred day simple moving average is $63.64.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.02. The business had revenue of $53.35 million for the quarter, compared to analyst estimates 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 revenue was up 61.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.56) EPS. Analysts forecast that PROCEPT BioRobotics will post -1.88 EPS for the current year.

Insider Buying and Selling

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 35,220 shares of the company’s stock in a transaction dated 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 sale, the director now owns 23,963 shares in the company, valued at $1,824,063.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 35,220 shares of PROCEPT BioRobotics 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 completion of the transaction, the director now owns 23,963 shares in the company, valued at $1,824,063.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin Waters sold 25,000 shares of the 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 completion of the sale, the chief financial officer now directly owns 96,096 shares in the company, valued at $7,928,880.96. The disclosure for this sale can be found here. Insiders sold a total of 154,892 shares of company stock worth $12,134,665 in the last three months. 17.40% of the stock is owned by corporate insiders.

Institutional Trading of PROCEPT BioRobotics

Institutional investors and hedge funds have recently bought and sold shares of the company. Blair William & Co. IL bought a new position in shares of PROCEPT BioRobotics in the first quarter worth approximately $21,240,000. Artisan Partners Limited Partnership bought a new position in PROCEPT BioRobotics in the 4th quarter valued at approximately $15,533,000. Wellington Management Group LLP boosted its stake in PROCEPT BioRobotics by 32.4% during the 4th quarter. Wellington Management Group LLP now owns 1,065,698 shares of the company’s stock valued at $44,663,000 after purchasing an additional 260,946 shares during the last quarter. Chicago Capital LLC bought a new stake in shares of PROCEPT BioRobotics in the 2nd quarter worth $14,233,000. Finally, Federated Hermes Inc. raised its stake in shares of PROCEPT BioRobotics by 788.9% in the second quarter. Federated Hermes Inc. now owns 183,420 shares of the company’s stock worth $11,205,000 after purchasing an additional 162,785 shares during the last quarter. 89.46% of the stock is currently 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).