TD Cowen Raises PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $75.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target boosted by TD Cowen from $65.00 to $75.00 in a report released on Monday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on PRCT. Truist Financial increased their price objective on PROCEPT BioRobotics from $63.00 to $72.00 and gave the stock a buy rating in a research note on Thursday, May 2nd. Wells Fargo & Company increased their price objective on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an overweight rating in a research note on Tuesday, January 9th. Finally, Piper Sandler boosted their price objective on shares of PROCEPT BioRobotics from $67.00 to $75.00 and gave the stock an overweight rating in a research note on Monday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of Buy and a consensus target price of $61.20.

PROCEPT BioRobotics Trading Down 3.9 %

PRCT opened at $60.36 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 7.44 and a current ratio of 8.52. The stock’s 50 day moving average price is $50.97 and its 200-day moving average price is $44.42. PROCEPT BioRobotics has a one year low of $24.83 and a one year high of $65.00. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of -28.47 and a beta of 0.95.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Wednesday, May 1st. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.04. The firm had revenue of $44.50 million during the quarter, compared to analyst estimates of $41.58 million. PROCEPT BioRobotics had a negative net margin of 66.12% and a negative return on equity of 41.35%. The business’s revenue was up 82.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.63) earnings per share. On average, equities analysts forecast that PROCEPT BioRobotics will post -1.96 EPS for the current year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, CFO Kevin Waters sold 28,677 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $50.09, for a total transaction of $1,436,430.93. Following the transaction, the chief financial officer now directly owns 33,523 shares of the company’s stock, valued at $1,679,167.07. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other PROCEPT BioRobotics news, CEO Reza Zadno sold 9,179 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $46.67, for a total value of $428,383.93. Following the completion of the sale, the chief executive officer now owns 246,710 shares of the company’s stock, valued at $11,513,955.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kevin Waters sold 28,677 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now owns 33,523 shares in the company, valued at approximately $1,679,167.07. The disclosure for this sale can be found here. Insiders sold a total of 138,371 shares of company stock worth $7,459,789 over the last three months. Corporate insiders own 19.60% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in PROCEPT BioRobotics by 10.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,074,891 shares of the company’s stock valued at $133,697,000 after purchasing an additional 385,271 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of PROCEPT BioRobotics in the 3rd quarter valued at $26,404,000. American Century Companies Inc. raised its stake 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 acquiring an additional 81,534 shares during the last quarter. Handelsbanken Fonder AB lifted its position in PROCEPT BioRobotics by 49.3% during the 4th 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 purchased a new stake in PROCEPT BioRobotics during the 3rd quarter valued at about $583,000. 89.46% of the stock is owned by hedge funds and other institutional investors.

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).