Analysts Set PROCEPT BioRobotics Co. (NASDAQ:PRCT) Target Price at $97.86

Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) have received an average rating of “Moderate Buy” from the seven brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $97.86.

PRCT has been the subject of several research analyst reports. Jefferies Financial Group began coverage on shares of PROCEPT BioRobotics in a research note on Thursday, November 14th. They issued a “hold” rating and a $95.00 price target for the company. Wells Fargo & Company reaffirmed an “overweight” rating and set a $112.00 price target on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. TD Cowen raised their price objective on PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 target price on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Finally, Truist Financial reissued a “buy” rating and issued a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th.

Insider Buying and Selling

In related news, CFO Kevin Waters sold 25,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $72.47, for a total transaction of $1,811,750.00. Following the completion of the sale, the chief financial officer now directly owns 96,096 shares of the company’s stock, valued at approximately $6,964,077.12. This trade represents a 20.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Alaleh Nouri sold 28,092 shares of PROCEPT BioRobotics stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $97.13, for a total value of $2,728,575.96. Following the sale, the executive vice president now owns 52,472 shares in the company, valued at $5,096,605.36. This trade represents a 34.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 487,816 shares of company stock worth $44,820,549. 17.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several large investors have recently made changes to their positions in PRCT. Principal Financial Group Inc. grew its position in PROCEPT BioRobotics by 290.2% during the third quarter. Principal Financial Group Inc. now owns 68,617 shares of the company’s stock valued at $5,498,000 after buying an additional 51,030 shares during the period. Lord Abbett & CO. LLC boosted its stake in PROCEPT BioRobotics by 45.3% in the third quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock valued at $59,974,000 after acquiring an additional 233,430 shares during the last quarter. Franklin Resources Inc. grew its position in shares of PROCEPT BioRobotics by 64.5% during the 3rd quarter. Franklin Resources Inc. now owns 885,992 shares of the company’s stock valued at $64,669,000 after acquiring an additional 347,330 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of PROCEPT BioRobotics during the 3rd quarter worth approximately $64,000. Finally, Neo Ivy Capital Management bought a new stake in shares of PROCEPT BioRobotics in the 3rd quarter worth approximately $228,000. 89.46% of the stock is owned by hedge funds and other institutional investors.

PROCEPT BioRobotics Stock Down 1.2 %

Shares of PROCEPT BioRobotics stock opened at $87.54 on Friday. The stock’s 50-day moving average is $90.59 and its 200 day moving average is $77.88. PROCEPT BioRobotics has a one year low of $41.04 and a one year high of $103.81. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of -44.89 and a beta of 1.05. 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 announced its quarterly earnings data on Monday, October 28th. The company reported ($0.40) EPS for the quarter, topping 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 company had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. During the same quarter last year, the firm posted ($0.51) EPS. The company’s quarterly revenue was up 66.4% on a year-over-year basis. Equities research analysts anticipate that PROCEPT BioRobotics will post -1.75 EPS for the current year.

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).