PROCEPT BioRobotics Co. (NASDAQ:PRCT) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) have received a consensus recommendation of “Moderate Buy” from the seven analysts that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $97.86.

Several research firms recently weighed in on PRCT. Wells Fargo & Company restated an “overweight” rating and set a $112.00 price target on shares of PROCEPT BioRobotics in a report on Tuesday, December 3rd. TD Cowen increased their target price on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Jefferies Financial Group initiated coverage on shares of PROCEPT BioRobotics in a research note on Thursday, November 14th. They set a “hold” rating and a $95.00 price target for the company. Truist Financial reissued a “buy” rating and issued a $105.00 price objective (up from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Finally, Piper Sandler restated an “overweight” rating and set a $75.00 target price on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th.

PROCEPT BioRobotics Price Performance

PRCT stock opened at $94.84 on Monday. PROCEPT BioRobotics has a 52 week low of $36.99 and a 52 week high of $103.81. The firm has a market capitalization of $4.95 billion, a P/E ratio of -48.64 and a beta of 0.99. The company has a fifty day simple moving average of $85.56 and a two-hundred day simple moving average of $74.75. 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 results on Monday, October 28th. The company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.09. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The firm had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. During the same quarter last year, the firm earned ($0.51) EPS. The firm’s revenue for the quarter was up 66.4% compared to the same quarter last year. Analysts anticipate that PROCEPT BioRobotics will post -1.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Kevin Waters sold 25,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $72.47, for a total value of $1,811,750.00. Following the transaction, the chief financial officer now owns 96,096 shares of the company’s stock, valued at $6,964,077.12. This represents a 20.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Reza Zadno sold 26,420 shares of PROCEPT BioRobotics stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $97.83, for a total value of $2,584,668.60. Following the sale, the chief executive officer now directly owns 179,185 shares of the company’s stock, valued at approximately $17,529,668.55. This trade represents a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 594,183 shares of company stock worth $53,258,164 in the last three months. Corporate insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PRCT. Essex Investment Management Co. LLC lifted its position in shares of PROCEPT BioRobotics by 0.3% in the 3rd quarter. Essex Investment Management Co. LLC now owns 80,992 shares of the company’s stock worth $6,489,000 after purchasing an additional 228 shares during the period. Values First Advisors Inc. bought a new position in PROCEPT BioRobotics in the third quarter worth approximately $27,000. Arizona State Retirement System lifted its holdings in PROCEPT BioRobotics by 2.8% during the second quarter. Arizona State Retirement System now owns 12,840 shares of the company’s stock worth $784,000 after buying an additional 350 shares during the period. KBC Group NV boosted its position in PROCEPT BioRobotics by 32.6% during the 3rd quarter. KBC Group NV now owns 1,531 shares of the company’s stock valued at $123,000 after acquiring an additional 376 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of PROCEPT BioRobotics by 4.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,913 shares of the company’s stock valued at $606,000 after acquiring an additional 408 shares during the period. 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).