PROCEPT BioRobotics (NASDAQ:PRCT) Given New $47.00 Price Target at Truist Financial

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective reduced by Truist Financial from $50.00 to $47.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 38.43% from the company’s current price.

A number of other analysts have also issued reports on the company. Wells Fargo & Company cut their target price on PROCEPT BioRobotics from $58.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. TD Cowen dropped their price objective on PROCEPT BioRobotics from $85.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. UBS Group initiated coverage on PROCEPT BioRobotics in a report on Friday, December 12th. They issued a “buy” rating and a $62.00 price objective on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a report on Wednesday, October 8th. Finally, Bank of America reiterated a “neutral” rating and set a $38.00 price target (down from $55.00) on shares of PROCEPT BioRobotics in a research note on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.40.

PROCEPT BioRobotics Trading Up 0.5%

Shares of NASDAQ:PRCT traded up $0.17 during midday trading on Thursday, reaching $33.95. 132,850 shares of the company’s stock were exchanged, compared to its average volume of 1,116,144. The firm’s 50 day simple moving average is $33.03 and its two-hundred day simple moving average is $43.01. PROCEPT BioRobotics has a fifty-two week low of $27.80 and a fifty-two week high of $89.49. The company has a debt-to-equity ratio of 0.14, a current ratio of 8.44 and a quick ratio of 7.20. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of -22.15 and a beta of 0.99.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.03. The business had revenue of $83.33 million during the quarter, compared to analysts’ expectations of $80.78 million. PROCEPT BioRobotics had a negative net margin of 28.20% and a negative return on equity of 21.72%. The business’s revenue for the quarter was up 42.6% on a year-over-year basis. During the same period last year, the business earned ($0.40) earnings per share. As a group, sell-side analysts forecast that PROCEPT BioRobotics will post -1.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. boosted its position in shares of PROCEPT BioRobotics by 58.6% in the 3rd quarter. Alliancebernstein L.P. now owns 3,419,784 shares of the company’s stock worth $122,052,000 after buying an additional 1,262,928 shares in the last quarter. Chicago Capital LLC raised its position in PROCEPT BioRobotics by 175.7% during the third quarter. Chicago Capital LLC now owns 1,568,845 shares of the company’s stock worth $55,992,000 after acquiring an additional 999,873 shares during the last quarter. Westfield Capital Management Co. LP raised its position in PROCEPT BioRobotics by 113.5% during the second quarter. Westfield Capital Management Co. LP now owns 1,598,349 shares of the company’s stock worth $92,065,000 after acquiring an additional 849,792 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of PROCEPT BioRobotics by 229.7% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,128,288 shares of the company’s stock valued at $40,269,000 after purchasing an additional 786,094 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of PROCEPT BioRobotics by 105.2% in the third quarter. Mackenzie Financial Corp now owns 1,454,434 shares of the company’s stock valued at $51,909,000 after purchasing an additional 745,778 shares during the last quarter. 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).