PROCEPT BioRobotics (NASDAQ:PRCT) Stock Rating Reaffirmed by Piper Sandler

PROCEPT BioRobotics (NASDAQ:PRCT)‘s stock had its “overweight” rating reiterated by equities researchers at Piper Sandler in a report released on Tuesday, Benzinga reports. They presently have a $75.00 price target on the stock. Piper Sandler’s price target points to a potential upside of 4.76% from the stock’s previous close.

A number of other equities research analysts have also issued reports on PRCT. TD Cowen raised their price target on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Wells Fargo & Company raised their target price on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Bank of America upped their price target on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Finally, Truist Financial boosted their target price on PROCEPT BioRobotics from $74.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $78.17.

PROCEPT BioRobotics Price Performance

NASDAQ:PRCT traded up $1.97 during midday trading on Tuesday, hitting $71.59. The company had a trading volume of 537,891 shares, compared to its average volume of 594,994. The company has a market capitalization of $3.68 billion, a PE ratio of -33.87 and a beta of 1.03. The company has a quick ratio of 6.49, a current ratio of 7.51 and a debt-to-equity ratio of 0.20. PROCEPT BioRobotics has a 52-week low of $24.83 and a 52-week high of $85.81. The stock’s fifty day moving average price is $73.44 and its 200-day moving average price is $64.95.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Thursday, August 1st. The company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.02. The business had revenue of $53.35 million during the quarter, compared to analyst estimates of $50.10 million. PROCEPT BioRobotics had a negative return on equity of 37.85% and a negative net margin of 58.73%. PROCEPT BioRobotics’s revenue for the quarter was up 61.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.56) earnings per share. As a group, research analysts expect that PROCEPT BioRobotics will post -1.88 earnings per share for the current year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, CFO Kevin Waters sold 25,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $82.51, for a total value of $2,062,750.00. Following the sale, the chief financial officer now directly owns 96,096 shares of the company’s stock, valued at $7,928,880.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Antal Rohit Desai sold 35,220 shares of PROCEPT BioRobotics stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $76.12, for a total transaction of $2,680,946.40. Following the sale, the director now owns 23,963 shares of the company’s stock, valued at approximately $1,824,063.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin Waters sold 25,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $82.51, for a total transaction of $2,062,750.00. Following the sale, the chief financial officer now directly owns 96,096 shares in the company, valued at approximately $7,928,880.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 154,892 shares of company stock valued at $12,134,665. 17.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of hedge funds have recently made changes to their positions in the stock. Handelsbanken Fonder AB boosted its holdings in PROCEPT BioRobotics by 28.9% during the third quarter. Handelsbanken Fonder AB now owns 15,600 shares of the company’s stock worth $1,250,000 after buying an additional 3,500 shares in the last quarter. Creative Planning acquired a new stake in PROCEPT BioRobotics in the second quarter valued at $322,000. Algert Global LLC purchased a new stake in PROCEPT BioRobotics in the second quarter valued at $1,651,000. Driehaus Capital Management LLC grew its stake in PROCEPT BioRobotics by 25.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 349,394 shares of the company’s stock worth $21,344,000 after buying an additional 71,930 shares during the last quarter. Finally, Lighthouse Investment Partners LLC raised its holdings in shares of PROCEPT BioRobotics by 144.5% in the second quarter. Lighthouse Investment Partners LLC now owns 64,313 shares of the company’s stock valued at $3,929,000 after buying an additional 38,013 shares during the last quarter. 89.46% of the stock is currently 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).