Piper Sandler Raises PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $75.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target hoisted by Piper Sandler from $67.00 to $75.00 in a research report sent to investors on Monday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

PRCT has been the subject of a number of other reports. Truist Financial raised their target price on PROCEPT BioRobotics from $63.00 to $72.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Wells Fargo & Company boosted their price objective on PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an overweight rating in a research note on Tuesday, January 9th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, PROCEPT BioRobotics currently has an average rating of Buy and a consensus target price of $61.20.

PROCEPT BioRobotics Stock Up 4.4 %

PRCT stock opened at $63.00 on Monday. The stock has a market cap of $3.24 billion, a P/E ratio of -29.72 and a beta of 0.95. The company has a current ratio of 8.52, a quick ratio of 7.44 and a debt-to-equity ratio of 0.19. The stock’s fifty day simple moving average is $51.26 and its two-hundred day simple moving average is $44.55. PROCEPT BioRobotics has a 1-year low of $24.83 and a 1-year high of $65.00.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings data 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. The business had revenue of $44.50 million during the quarter, compared to the consensus estimate of $41.58 million. PROCEPT BioRobotics had a negative net margin of 66.12% and a negative return on equity of 41.35%. The firm’s quarterly revenue was up 82.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.63) earnings per share. Analysts expect that PROCEPT BioRobotics will post -1.96 EPS for the current year.

Insider Buying and Selling

In other PROCEPT BioRobotics news, Director Thomas M. Krummel sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $60.00, for a total value of $1,200,000.00. Following the completion of the sale, the director now owns 45,631 shares in the company, valued at $2,737,860. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other PROCEPT BioRobotics news, Director Thomas M. Krummel sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the transaction, the director now directly owns 45,631 shares of the company’s stock, valued at approximately $2,737,860. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Alaleh Nouri sold 2,749 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $46.67, for a total transaction of $128,295.83. Following the completion of the transaction, the executive vice president now directly owns 62,913 shares of the company’s stock, valued at $2,936,149.71. The disclosure for this sale can be found here. Insiders sold 95,000 shares of company stock worth $5,289,099 in the last quarter. 19.60% of the stock is owned by insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

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

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).