PROCEPT BioRobotics (NASDAQ:PRCT) Earns Overweight Rating from Piper Sandler

by · The Markets Daily

Piper Sandler reiterated their overweight rating on shares of PROCEPT BioRobotics (NASDAQ:PRCT – Free Report) in a report released on Tuesday morning, Benzinga reports. They currently have a $75.00 price objective on the stock.

PRCT has been the subject of several other reports. Wells Fargo & Company boosted their target price on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an overweight rating in a research note on Friday, August 2nd. TD Cowen boosted their price objective on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a buy rating in a research report on Monday, September 16th. Bank of America raised their target price 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 boosted their price target on PROCEPT BioRobotics from $74.00 to $95.00 and gave the company a buy rating in a report on Tuesday, September 3rd. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of Buy and a consensus price target of $78.17.

Get Our Latest Stock Report on PROCEPT BioRobotics

PROCEPT BioRobotics Price Performance

PRCT stock opened at $72.31 on Tuesday. The stock has a market cap of $3.72 billion, a PE ratio of -34.11 and a beta of 1.03. PROCEPT BioRobotics has a 12 month low of $24.83 and a 12 month high of $85.81. The company has a 50-day moving average price of $74.08 and a 200 day moving average price of $65.25. The company has a current ratio of 7.51, a quick ratio of 6.49 and a debt-to-equity ratio of 0.20.

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

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Essex Investment Management Co. LLC boosted its stake in PROCEPT BioRobotics by 0.3% in the third quarter. Essex Investment Management Co. LLC now owns 80,992 shares of the company’s stock valued at $6,489,000 after acquiring an additional 228 shares in the last quarter. Arizona State Retirement System boosted its position in shares of PROCEPT BioRobotics by 2.8% in the 2nd quarter. Arizona State Retirement System now owns 12,840 shares of the company’s stock worth $784,000 after purchasing an additional 350 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in PROCEPT BioRobotics by 4.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,913 shares of the company’s stock worth $606,000 after buying an additional 408 shares during the last quarter. ProShare Advisors LLC increased its position in PROCEPT BioRobotics by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 7,250 shares of the company’s stock valued at $358,000 after buying an additional 570 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC purchased a new stake in PROCEPT BioRobotics in the second quarter valued at about $36,000. Hedge funds and other institutional investors own 89.46% of the company’s stock.

About PROCEPT BioRobotics

(Get Free Report)

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).

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