PROCEPT BioRobotics (NASDAQ:PRCT) Now Covered by Morgan Stanley

Investment analysts at Morgan Stanley started coverage on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a report released on Monday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $105.00 price target on the stock. Morgan Stanley’s price objective would indicate a potential upside of 9.84% from the stock’s previous close.

Several other analysts have also commented on the stock. TD Cowen lifted their price objective 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. Truist Financial reaffirmed a “buy” rating and issued a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. Bank of America increased their price objective on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Jefferies Financial Group started coverage on PROCEPT BioRobotics in a research note on Thursday, November 14th. They issued a “hold” rating and a $95.00 target price on the stock. Finally, Piper Sandler reiterated an “overweight” rating and set a $75.00 price target on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.71.

PROCEPT BioRobotics Stock Performance

PRCT stock opened at $95.59 on Monday. The business has a 50 day moving average of $83.90 and a 200-day moving average of $73.77. The firm has a market cap of $4.99 billion, a PE ratio of -49.02 and a beta of 1.01. PROCEPT BioRobotics has a 12-month low of $36.15 and a 12-month high of $103.81. The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.09. The firm had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The business’s revenue for the quarter was up 66.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.51) EPS. As a group, sell-side analysts expect that PROCEPT BioRobotics will post -1.73 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Reza Zadno sold 26,420 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $92.57, for a total transaction of $2,445,699.40. Following the sale, the chief executive officer now directly owns 205,605 shares in the company, valued at approximately $19,032,854.85. The trade was a 11.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Antal Rohit Desai sold 13,305 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $76.37, for a total value of $1,016,102.85. Following the completion of the transaction, the director now owns 317,518 shares of the company’s stock, valued at approximately $24,248,849.66. This represents a 4.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 561,773 shares of company stock worth $49,073,125 over the last 90 days. Corporate insiders own 17.40% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Hedge funds have recently bought and sold shares of the company. Westfield Capital Management Co. LP purchased a new stake in PROCEPT BioRobotics in the 3rd quarter worth approximately $72,563,000. Franklin Resources Inc. raised its position in shares of PROCEPT BioRobotics by 64.5% in the third quarter. Franklin Resources Inc. now owns 885,992 shares of the company’s stock worth $64,669,000 after buying an additional 347,330 shares in the last quarter. Chicago Capital LLC bought a new stake in PROCEPT BioRobotics during the second quarter valued at $14,233,000. Federated Hermes Inc. grew its position in PROCEPT BioRobotics by 788.9% during the second quarter. Federated Hermes Inc. now owns 183,420 shares of the company’s stock worth $11,205,000 after buying an additional 162,785 shares in the last quarter. Finally, Transatlantique Private Wealth LLC purchased a new position in PROCEPT BioRobotics during the second quarter worth about $9,164,000. Hedge funds and other institutional investors 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).