Truist Financial Reaffirms Buy Rating for PROCEPT BioRobotics (NASDAQ:PRCT)

PROCEPT BioRobotics (NASDAQ:PRCT)‘s stock had its “buy” rating reaffirmed by Truist Financial in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $105.00 price target on the stock, up from their previous price target of $95.00. Truist Financial’s price target would suggest a potential upside of 16.67% from the company’s current price.

A number of other brokerages also recently issued reports on PRCT. Wells Fargo & Company raised their price target on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. TD Cowen lifted their target price on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Piper Sandler restated an “overweight” rating and issued a $75.00 price target on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Finally, Bank of America lifted their price objective on PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $88.40.

PROCEPT BioRobotics Stock Performance

Shares of PRCT opened at $90.00 on Wednesday. PROCEPT BioRobotics has a twelve month low of $24.91 and a twelve month high of $99.34. The firm has a 50 day moving average of $77.20 and a 200 day moving average of $67.91. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 6.49.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its earnings results on Monday, October 28th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.09. The business had revenue of $58.40 million during the quarter, compared to analyst estimates of $53.30 million. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The company’s quarterly revenue was up 66.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.51) EPS. Analysts predict that PROCEPT BioRobotics will post -1.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Reza Zadno sold 288,461 shares of the stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $91.00, for a total value of $26,249,951.00. Following the completion of the sale, the chief executive officer now directly owns 258,445 shares of the company’s stock, valued at $23,518,495. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Reza Zadno sold 288,461 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $91.00, for a total value of $26,249,951.00. Following the transaction, the chief executive officer now directly owns 258,445 shares in the company, valued at $23,518,495. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $82.51, for a total value of $2,062,750.00. Following the sale, the chief financial officer now owns 96,096 shares of the company’s stock, valued at $7,928,880.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 468,353 shares of company stock worth $40,196,366. Company insiders own 17.40% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Hedge funds have recently modified their holdings of the stock. Values First Advisors Inc. bought a new stake in PROCEPT BioRobotics in the 3rd quarter valued at $27,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of PROCEPT BioRobotics during the second quarter valued at about $36,000. Quest Partners LLC increased its holdings in shares of PROCEPT BioRobotics by 2,492.3% in the second quarter. Quest Partners LLC now owns 674 shares of the company’s stock worth $41,000 after purchasing an additional 648 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of PROCEPT BioRobotics by 178.3% in the third quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company’s stock worth $89,000 after buying an additional 713 shares in the last quarter. Finally, Sentry Investment Management LLC bought a new position in PROCEPT BioRobotics during the third quarter valued at approximately $120,000. Hedge funds and other 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).