PROCEPT BioRobotics (NASDAQ:PRCT) Earns “Buy” Rating from Truist Financial

PROCEPT BioRobotics (NASDAQ:PRCT)‘s stock had its “buy” rating reissued by stock analysts at Truist Financial in a note issued to investors on Wednesday,Benzinga reports. They presently have a $90.00 target price on the stock, down from their prior target price of $105.00. Truist Financial’s target price would indicate a potential upside of 43.52% from the company’s previous close.

Several other analysts have also recently weighed in on the stock. Morgan Stanley assumed coverage on shares of PROCEPT BioRobotics in a research note on Monday, December 2nd. They set an “overweight” rating and a $105.00 price objective on the stock. Wells Fargo & Company restated an “overweight” rating and set a $112.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, December 3rd. Finally, Jefferies Financial Group initiated coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They issued a “hold” rating and a $95.00 price target for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $95.71.

PROCEPT BioRobotics Price Performance

Shares of PRCT stock opened at $62.71 on Wednesday. The stock’s fifty day simple moving average is $75.53 and its 200 day simple moving average is $80.02. PROCEPT BioRobotics has a one year low of $45.20 and a one year high of $103.81. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -32.16 and a beta of 1.03. 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 issued 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). The firm had revenue of $68.24 million during the quarter, compared to analyst estimates of $66.79 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. On average, analysts expect that PROCEPT BioRobotics will post -1.75 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Alaleh Nouri sold 28,092 shares of the firm’s stock in a transaction dated 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 transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Reza Zadno sold 26,423 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $97.22, for a total value of $2,568,844.06. Following the sale, the chief executive officer now directly owns 152,762 shares of the company’s stock, valued at $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. Insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Institutional investors and hedge funds have recently modified their holdings of the business. Westfield Capital Management Co. LP bought a new stake in shares of PROCEPT BioRobotics during the 3rd quarter valued at $72,563,000. FMR LLC lifted its stake in PROCEPT BioRobotics by 11.9% in the fourth quarter. FMR LLC now owns 8,159,208 shares of the company’s stock valued at $656,979,000 after buying an additional 866,328 shares during the period. Perpetual Ltd bought a new position in PROCEPT BioRobotics during the fourth quarter worth about $66,972,000. Wellington Management Group LLP grew its position in shares of PROCEPT BioRobotics by 38.8% during the 4th quarter. Wellington Management Group LLP now owns 1,490,952 shares of the company’s stock worth $120,051,000 after buying an additional 416,819 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of PROCEPT BioRobotics by 64.5% in 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. 89.46% of the stock is owned by institutional investors.

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).