Morgan Stanley Has Lowered Expectations for PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective reduced by analysts at Morgan Stanley from $105.00 to $95.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 46.11% from the company’s current price.

A number of other brokerages have also recently issued reports on PRCT. Jefferies Financial Group started coverage on shares of PROCEPT BioRobotics in a research report on Thursday, November 14th. They set a “hold” rating and a $95.00 price target for the company. Wells Fargo & Company reissued an “overweight” rating and set a $112.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, December 3rd. Finally, Truist Financial reissued a “buy” rating and set a $90.00 price target (down from $105.00) on shares of PROCEPT BioRobotics in a research report on Wednesday. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, PROCEPT BioRobotics presently has a consensus rating of “Moderate Buy” and an average price target of $94.29.

PROCEPT BioRobotics Trading Down 4.5 %

NASDAQ:PRCT opened at $65.02 on Wednesday. The company has a 50-day moving average price of $75.25 and a 200-day moving average price of $79.94. PROCEPT BioRobotics has a 12 month low of $45.20 and a 12 month high of $103.81. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of -33.34 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its earnings results on Tuesday, February 25th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The company had revenue of $68.24 million during the quarter, compared to analysts’ expectations of $66.79 million. Equities analysts predict that PROCEPT BioRobotics will post -1.75 EPS for the current year.

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 28,092 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the completion of the sale, the executive vice president now directly owns 52,472 shares in the company, valued at approximately $5,096,605.36. This trade represents a 34.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Reza Zadno sold 26,423 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $97.22, for a total transaction of $2,568,844.06. Following the sale, the chief executive officer now owns 152,762 shares of the company’s stock, valued at approximately $14,851,521.64. This represents a 14.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PRCT. Westfield Capital Management Co. LP purchased a new position in shares of PROCEPT BioRobotics during the third quarter valued at approximately $72,563,000. FMR LLC raised its holdings in shares of PROCEPT BioRobotics by 11.9% during the fourth quarter. FMR LLC now owns 8,159,208 shares of the company’s stock valued at $656,979,000 after purchasing an additional 866,328 shares during the last quarter. Perpetual Ltd purchased a new position in shares of PROCEPT BioRobotics during the fourth quarter valued at approximately $66,972,000. Wellington Management Group LLP raised its holdings in shares of PROCEPT BioRobotics by 38.8% during the fourth quarter. Wellington Management Group LLP now owns 1,490,952 shares of the company’s stock valued at $120,051,000 after purchasing an additional 416,819 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of PROCEPT BioRobotics by 64.5% during the third quarter. Franklin Resources Inc. now owns 885,992 shares of the company’s stock valued at $64,669,000 after purchasing an additional 347,330 shares during the last quarter. 89.46% of the stock is 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).