PROCEPT BioRobotics (NASDAQ:PRCT) Price Target Increased to $72.00 by Analysts at Truist Financial

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective lifted by Truist Financial from $63.00 to $72.00 in a research report report published on Thursday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Separately, Wells Fargo & Company boosted their price target on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an overweight rating in a report on Tuesday, January 9th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, PROCEPT BioRobotics presently has a consensus rating of Buy and an average target price of $49.50.

PROCEPT BioRobotics Stock Performance

PROCEPT BioRobotics stock traded up $2.57 during mid-day trading on Thursday, hitting $64.31. The company’s stock had a trading volume of 1,143,117 shares, compared to its average volume of 664,889. The company has a quick ratio of 6.77, a current ratio of 7.63 and a debt-to-equity ratio of 0.18. PROCEPT BioRobotics has a 52-week low of $24.83 and a 52-week high of $64.89. The firm’s 50 day moving average is $50.25 and its 200 day moving average is $43.61.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.51) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.04. PROCEPT BioRobotics had a negative net margin of 66.12% and a negative return on equity of 42.13%. The business had revenue of $44.50 million during the quarter, compared to analyst estimates of $41.58 million. During the same period in the prior year, the firm earned ($0.63) earnings per share. The firm’s revenue was up 82.4% compared to the same quarter last year. Analysts anticipate that PROCEPT BioRobotics will post -1.98 EPS for the current year.

Insider Activity

In related news, EVP Alaleh Nouri sold 30,432 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $62.97, for a total value of $1,916,303.04. Following the completion of the sale, the executive vice president now directly owns 62,472 shares in the company, valued at $3,933,861.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Alaleh Nouri sold 30,432 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $62.97, for a total value of $1,916,303.04. Following the transaction, the executive vice president now directly owns 62,472 shares of the company’s stock, valued at approximately $3,933,861.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin Waters sold 28,677 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $50.09, for a total value of $1,436,430.93. Following the completion of the sale, the chief financial officer now owns 33,523 shares of the company’s stock, valued at $1,679,167.07. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 124,581 shares of company stock worth $6,570,023. 19.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in PROCEPT BioRobotics by 10.4% during the third quarter. Vanguard Group Inc. now owns 4,074,891 shares of the company’s stock valued at $133,697,000 after acquiring an additional 385,271 shares during the period. Wellington Management Group LLP acquired a new stake in PROCEPT BioRobotics in the 3rd quarter valued at approximately $26,404,000. American Century Companies Inc. increased its position in PROCEPT BioRobotics by 14.2% in the 3rd quarter. American Century Companies Inc. now owns 655,295 shares of the company’s stock worth $21,500,000 after buying an additional 81,534 shares during the period. Handelsbanken Fonder AB lifted its holdings in shares of 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 buying an additional 3,400 shares during the last quarter. Finally, Dark Forest Capital Management LP acquired a new position in shares of PROCEPT BioRobotics during the third quarter worth approximately $583,000. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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).