PROCEPT BioRobotics (NASDAQ:PRCT) Price Target Increased to $75.00 by Analysts at Piper Sandler

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target increased by equities research analysts at Piper Sandler from $67.00 to $75.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 11.08% from the company’s previous close.

Several other equities analysts have also commented on the stock. Wells Fargo & Company increased their price target on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. Truist Financial raised their target price on shares of PROCEPT BioRobotics from $63.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, PROCEPT BioRobotics has an average rating of “Buy” and a consensus target price of $57.75.

PROCEPT BioRobotics Stock Up 5.0 %

Shares of NASDAQ:PRCT opened at $67.52 on Monday. The firm’s 50 day moving average price is $50.25 and its 200 day moving average price is $43.82. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of -31.85 and a beta of 0.95. PROCEPT BioRobotics has a fifty-two week low of $24.83 and a fifty-two week high of $67.52. 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 issued its earnings results on Wednesday, May 1st. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.04. The firm had revenue of $44.50 million for the quarter, compared to analysts’ expectations of $41.58 million. PROCEPT BioRobotics had a negative net margin of 66.12% and a negative return on equity of 41.35%. The firm’s revenue was up 82.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.63) earnings per share. As a group, equities research analysts predict that PROCEPT BioRobotics will post -1.96 earnings per share for the current fiscal year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, Director Thomas M. Krummel sold 20,000 shares of PROCEPT BioRobotics stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the director now owns 45,631 shares of the company’s stock, valued at approximately $2,737,860. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Alaleh Nouri sold 30,432 shares of PROCEPT BioRobotics stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $62.97, for a total transaction of $1,916,303.04. Following the completion of the sale, the executive vice president now owns 62,472 shares in the company, valued at approximately $3,933,861.84. The transaction 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 PROCEPT BioRobotics stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $60.00, for a total value of $1,200,000.00. Following the sale, the director now owns 45,631 shares of the company’s stock, valued at approximately $2,737,860. The disclosure for this sale can be found here. Over the last quarter, insiders sold 144,581 shares of company stock valued at $7,770,023. 19.60% of the stock is owned by company insiders.

Institutional Trading of PROCEPT BioRobotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank grew its holdings in PROCEPT BioRobotics by 5.8% in the 4th quarter. Amalgamated Bank now owns 5,804 shares of the company’s stock valued at $243,000 after buying an additional 316 shares during the period. Essex Investment Management Co. LLC grew its holdings in PROCEPT BioRobotics by 0.6% in the 1st quarter. Essex Investment Management Co. LLC now owns 60,116 shares of the company’s stock valued at $2,971,000 after buying an additional 336 shares during the period. Principal Financial Group Inc. grew its holdings in PROCEPT BioRobotics by 5.7% in the 4th quarter. Principal Financial Group Inc. now owns 10,588 shares of the company’s stock valued at $444,000 after buying an additional 568 shares during the period. Blue Trust Inc. grew its holdings in PROCEPT BioRobotics by 30.9% in the 4th quarter. Blue Trust Inc. now owns 2,629 shares of the company’s stock valued at $110,000 after buying an additional 620 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in PROCEPT BioRobotics by 7.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,397 shares of the company’s stock valued at $394,000 after buying an additional 676 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).