PROCEPT BioRobotics’ (PRCT) Buy Rating Reiterated at Truist Financial

Truist Financial restated their buy rating on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a research report report published on Wednesday morning,Benzinga reports. Truist Financial currently has a $90.00 price objective on the stock, down from their prior price objective of $105.00.

A number of other equities analysts also recently commented on the stock. Wells Fargo & Company reissued an “overweight” rating and issued a $112.00 target price on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. 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 target price on the stock. Finally, Morgan Stanley began coverage on shares of PROCEPT BioRobotics in a research note on Monday, December 2nd. They issued an “overweight” rating and a $105.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $94.29.

PROCEPT BioRobotics Price Performance

PRCT stock opened at $64.34 on Wednesday. The stock has a 50-day moving average price of $74.93 and a two-hundred day moving average price of $79.84. The company has a market cap of $3.36 billion, a PE ratio of -32.99 and a beta of 1.03. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. PROCEPT BioRobotics has a 12-month low of $45.56 and a 12-month high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Tuesday, February 25th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $68.24 million for the quarter, compared to analysts’ expectations of $66.79 million. As a group, research analysts predict that PROCEPT BioRobotics will post -1.75 EPS for the current year.

Insider Buying and Selling

In related news, CEO Reza Zadno sold 26,423 shares of PROCEPT BioRobotics stock in a transaction on 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 $14,851,521.64. The trade was a 14.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 transaction of $2,728,575.96. Following the sale, the executive vice president now directly owns 52,472 shares in the company, valued at $5,096,605.36. This trade represents a 34.87 % decrease in their position. The disclosure for this sale can be found here. 17.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC grew its holdings in PROCEPT BioRobotics by 45.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock worth $59,974,000 after acquiring an additional 233,430 shares in the last quarter. Perpetual Ltd acquired a new position in PROCEPT BioRobotics during the 4th quarter worth $66,972,000. Penserra Capital Management LLC acquired a new position in PROCEPT BioRobotics during the 3rd quarter worth $2,308,000. Oak Ridge Investments LLC grew its holdings in PROCEPT BioRobotics by 24.0% during the 4th quarter. Oak Ridge Investments LLC now owns 30,059 shares of the company’s stock worth $2,420,000 after acquiring an additional 5,817 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in PROCEPT BioRobotics by 295.8% during the 4th quarter. SG Americas Securities LLC now owns 6,598 shares of the company’s stock worth $531,000 after acquiring an additional 4,931 shares in the last quarter. 89.46% of the stock is owned by institutional investors and hedge funds.

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).