PROCEPT BioRobotics Co. (NASDAQ:PRCT) Receives $61.20 Average Target Price from Brokerages

PROCEPT BioRobotics Co. (NASDAQ:PRCT) has been assigned a consensus rating of “Buy” from the seven ratings firms that are covering the stock, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating. The average 12-month price target among brokers that have issued a report on the stock in the last year is $61.20.

PRCT has been the subject of several research analyst reports. TD Cowen increased their price objective on PROCEPT BioRobotics from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Truist Financial upped their target price on PROCEPT BioRobotics from $63.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Finally, Piper Sandler upped their price target on PROCEPT BioRobotics from $67.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, May 6th.

Insider Transactions at PROCEPT BioRobotics

In other news, CFO Kevin Waters sold 3,435 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $46.67, for a total transaction of $160,311.45. Following the sale, the chief financial officer now owns 49,416 shares of the company’s stock, valued at approximately $2,306,244.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Thomas M. Krummel sold 20,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the director now directly owns 45,631 shares in the company, valued at approximately $2,737,860. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevin Waters sold 3,435 shares of PROCEPT BioRobotics stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $46.67, for a total transaction of $160,311.45. Following the transaction, the chief financial officer now directly owns 49,416 shares in the company, valued at $2,306,244.72. The disclosure for this sale can be found here. Insiders have sold a total of 72,651 shares of company stock worth $4,168,073 over the last ninety days. 17.40% of the stock is currently owned by company insiders.

Institutional Trading of PROCEPT BioRobotics

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in PROCEPT BioRobotics by 10.4% during the third quarter. Vanguard Group Inc. now owns 4,074,891 shares of the company’s stock worth $133,697,000 after purchasing an additional 385,271 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of PROCEPT BioRobotics in the 3rd quarter worth about $26,404,000. American Century Companies Inc. grew its position in shares of PROCEPT BioRobotics by 14.2% during the 3rd quarter. American Century Companies Inc. now owns 655,295 shares of the company’s stock valued at $21,500,000 after buying an additional 81,534 shares during the last quarter. Handelsbanken Fonder AB raised its stake in PROCEPT BioRobotics by 49.3% during the fourth quarter. Handelsbanken Fonder AB now owns 10,300 shares of the company’s stock worth $432,000 after acquiring an additional 3,400 shares during the period. Finally, Dark Forest Capital Management LP bought a new position in PROCEPT BioRobotics in the third quarter worth about $583,000. Institutional investors and hedge funds own 89.46% of the company’s stock.

PROCEPT BioRobotics Stock Performance

NASDAQ PRCT opened at $66.90 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 8.52 and a quick ratio of 7.44. The company’s 50 day simple moving average is $55.33 and its two-hundred day simple moving average is $47.59. The stock has a market capitalization of $3.44 billion, a PE ratio of -31.56 and a beta of 0.95. PROCEPT BioRobotics has a 1 year low of $24.83 and a 1 year high of $77.00.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.04. The company had revenue of $44.50 million for the quarter, compared to analysts’ expectations of $41.58 million. PROCEPT BioRobotics had a negative return on equity of 41.35% and a negative net margin of 66.12%. PROCEPT BioRobotics’s revenue for the quarter was up 82.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.63) EPS. Analysts predict that PROCEPT BioRobotics will post -1.93 earnings per share for the current fiscal year.

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).