PROCEPT BioRobotics’ (PRCT) “Overweight” Rating Reiterated at Wells Fargo & Company

Wells Fargo & Company reiterated their overweight rating on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has a $112.00 price target on the stock.

Several other research firms also recently commented on PRCT. TD Cowen upped their price target on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Bank of America upped their price target 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. Truist Financial restated a “buy” rating and issued a $105.00 price target (up from $95.00) on shares of PROCEPT BioRobotics in a research note on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $75.00 price objective on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Finally, Morgan Stanley initiated coverage on shares of PROCEPT BioRobotics in a research note on Monday. They set an “overweight” rating and a $105.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $97.86.

PROCEPT BioRobotics Price Performance

Shares of PRCT opened at $96.48 on Tuesday. The firm has a market capitalization of $5.03 billion, a PE ratio of -49.48 and a beta of 0.99. The company’s 50-day moving average is $84.56 and its 200-day moving average is $74.17. PROCEPT BioRobotics has a fifty-two week low of $36.52 and a fifty-two week high of $103.81. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings results on Monday, October 28th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.09. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The business had revenue of $58.40 million for the quarter, compared to the consensus estimate of $53.30 million. During the same period in the prior year, the company posted ($0.51) earnings per share. PROCEPT BioRobotics’s revenue was up 66.4% compared to the same quarter last year. Equities analysts forecast that PROCEPT BioRobotics will post -1.73 EPS for the current year.

Insider Activity

In related news, CEO Reza Zadno sold 288,461 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $91.00, for a total value of $26,249,951.00. Following the completion of the transaction, the chief executive officer now owns 258,445 shares in the company, valued at $23,518,495. This trade represents a 52.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Antal Rohit Desai sold 44,867 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $80.11, for a total transaction of $3,594,295.37. Following the completion of the transaction, the director now owns 197,453 shares of the company’s stock, valued at approximately $15,817,959.83. This trade represents a 18.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 552,973 shares of company stock worth $48,976,847. Corporate insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. State Street Corp raised its holdings in PROCEPT BioRobotics by 5.9% in the 3rd quarter. State Street Corp now owns 1,179,514 shares of the company’s stock valued at $94,503,000 after buying an additional 66,175 shares during the last quarter. Geode Capital Management LLC raised its holdings in PROCEPT BioRobotics by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,106,588 shares of the company’s stock worth $88,678,000 after purchasing an additional 84,244 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in PROCEPT BioRobotics during the 3rd quarter worth approximately $72,563,000. Franklin Resources Inc. raised its holdings in PROCEPT BioRobotics by 64.5% during the 3rd quarter. Franklin Resources Inc. now owns 885,992 shares of the company’s stock worth $64,669,000 after purchasing an additional 347,330 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in PROCEPT BioRobotics by 13.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 402,565 shares of the company’s stock worth $32,254,000 after purchasing an additional 46,665 shares during the last quarter. Institutional investors own 89.46% of the company’s stock.

PROCEPT BioRobotics Company Profile

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).