Wells Fargo & Company Reiterates “Overweight” Rating for PROCEPT BioRobotics (NASDAQ:PRCT)

PROCEPT BioRobotics (NASDAQ:PRCT)‘s stock had its “overweight” rating reissued by research analysts at Wells Fargo & Company in a report released on Tuesday,Benzinga reports. They currently have a $112.00 target price on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 12.62% from the stock’s current price.

PRCT has been the subject of several other research reports. Jefferies Financial Group began coverage on PROCEPT BioRobotics in a research note on Thursday, November 14th. They set a “hold” rating and a $95.00 target price for the company. TD Cowen lifted their target price on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Piper Sandler restated an “overweight” rating and issued a $75.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Bank of America lifted their price objective on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Finally, Truist Financial restated a “buy” rating and issued a $105.00 target price (up previously from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.86.

PROCEPT BioRobotics Stock Performance

Shares of PRCT stock opened at $99.45 on Tuesday. 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 has a 12-month low of $36.52 and a 12-month high of $103.81. The business has a 50 day simple moving average of $84.96 and a 200 day simple moving average of $74.34. The firm has a market capitalization of $5.19 billion, a price-to-earnings ratio of -51.00 and a beta of 0.99.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share 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 business had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. During the same quarter in the prior year, the company posted ($0.51) earnings per share. The company’s quarterly revenue was up 66.4% compared to the same quarter last year. On average, equities research analysts anticipate that PROCEPT BioRobotics will post -1.73 EPS for the current year.

Insider Activity at PROCEPT BioRobotics

In related news, Director Antal Rohit Desai sold 34,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $95.39, for a total value of $3,243,260.00. Following the completion of the sale, the director now directly owns 164,363 shares in the company, valued at approximately $15,678,586.57. This represents a 17.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Reza Zadno sold 288,461 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 258,445 shares in the company, valued at approximately $23,518,495. This trade represents a 52.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 539,668 shares of company stock valued at $47,960,744. Insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. M&G Plc bought a new stake in PROCEPT BioRobotics during the second quarter worth approximately $8,507,000. Federated Hermes Inc. boosted its holdings in shares of PROCEPT BioRobotics by 788.9% during the 2nd quarter. Federated Hermes Inc. now owns 183,420 shares of the company’s stock worth $11,205,000 after buying an additional 162,785 shares during the period. Nicholas Investment Partners LP acquired a new position in PROCEPT BioRobotics in the 2nd quarter valued at $4,657,000. Penserra Capital Management LLC acquired a new position in PROCEPT BioRobotics in the 3rd quarter valued at $2,308,000. Finally, Principal Financial Group Inc. raised its holdings in PROCEPT BioRobotics by 290.2% in the 3rd quarter. Principal Financial Group Inc. now owns 68,617 shares of the company’s stock worth $5,498,000 after acquiring an additional 51,030 shares during the period. Institutional investors and hedge funds own 89.46% of the company’s stock.

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).