Truist Financial Raises PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $72.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target raised by Truist Financial from $63.00 to $72.00 in a research report released on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Separately, Wells Fargo & Company raised their price objective on PROCEPT BioRobotics from $44.00 to $47.00 and gave the stock an overweight rating in a research note on Tuesday, January 9th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $57.75.

PROCEPT BioRobotics Stock Performance

Shares of PRCT traded down $1.79 during midday trading on Thursday, reaching $62.52. 96,113 shares of the stock were exchanged, compared to its average volume of 532,855. The stock’s 50 day simple moving average is $50.25 and its 200 day simple moving average is $43.82. The company has a market cap of $3.21 billion, a P/E ratio of -31.85 and a beta of 0.95. PROCEPT BioRobotics has a twelve month low of $24.83 and a twelve month high of $65.00. The company has a quick ratio of 7.44, a current ratio of 8.52 and a debt-to-equity ratio of 0.19.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its 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 41.35%. The firm had revenue of $44.50 million for the quarter, compared to analyst estimates of $41.58 million. During the same quarter in the prior year, the business posted ($0.63) EPS. The business’s revenue was up 82.4% compared to the same quarter last year. On average, sell-side analysts expect that PROCEPT BioRobotics will post -1.96 earnings per share for the current year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 5,306 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $49.95, for a total value of $265,034.70. Following the sale, the executive vice president now owns 47,351 shares of the company’s stock, valued at approximately $2,365,182.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 5,306 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $49.95, for a total value of $265,034.70. Following the sale, the executive vice president now owns 47,351 shares of the company’s stock, valued at approximately $2,365,182.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas M. Krummel sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were 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 directly owns 45,631 shares in the company, valued at approximately $2,737,860. The disclosure for this sale can be found here. Insiders have sold a total of 144,581 shares of company stock worth $7,770,023 in the last 90 days. Company insiders own 19.60% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several hedge funds have recently modified their holdings of the company. Amalgamated Bank boosted its holdings in shares of PROCEPT BioRobotics by 5.8% during the 4th quarter. Amalgamated Bank now owns 5,804 shares of the company’s stock valued at $243,000 after acquiring an additional 316 shares in the last quarter. Essex Investment Management Co. LLC boosted its holdings in shares of PROCEPT BioRobotics by 0.6% during the 1st quarter. Essex Investment Management Co. LLC now owns 60,116 shares of the company’s stock valued at $2,971,000 after acquiring an additional 336 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of PROCEPT BioRobotics by 5.7% during the 4th quarter. Principal Financial Group Inc. now owns 10,588 shares of the company’s stock valued at $444,000 after acquiring an additional 568 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of PROCEPT BioRobotics by 30.9% during the 4th quarter. Blue Trust Inc. now owns 2,629 shares of the company’s stock valued at $110,000 after acquiring an additional 620 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of PROCEPT BioRobotics by 7.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,397 shares of the company’s stock valued at $394,000 after acquiring an additional 676 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company’s stock.

About PROCEPT BioRobotics

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).