PROCEPT BioRobotics (NASDAQ:PRCT) Given New $69.00 Price Target at Wells Fargo & Company

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target lifted by Wells Fargo & Company from $67.00 to $69.00 in a research note released on Friday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also issued reports on PRCT. Piper Sandler lifted their price objective on PROCEPT BioRobotics from $67.00 to $75.00 and gave the company an overweight rating in a research note on Monday, May 6th. Truist Financial reissued a buy rating and set a $74.00 price objective (down previously from $79.00) on shares of PROCEPT BioRobotics in a research note on Friday. Finally, TD Cowen lifted their price objective on PROCEPT BioRobotics from $65.00 to $75.00 and gave the company a buy rating in a research note on Monday, May 6th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of Buy and a consensus target price of $66.00.

PROCEPT BioRobotics Price Performance

NASDAQ:PRCT opened at $57.38 on Friday. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of -27.07 and a beta of 1.00. PROCEPT BioRobotics has a 52-week low of $24.83 and a 52-week high of $77.00. The stock has a fifty day moving average of $64.51 and a 200 day moving average of $56.35. The company has a debt-to-equity ratio of 0.19, a quick ratio of 7.44 and a current ratio of 8.52.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.02. The company had revenue of $53.35 million during the quarter, compared to analyst estimates of $50.10 million. PROCEPT BioRobotics had a negative return on equity of 36.86% and a negative net margin of 58.73%. The firm’s quarterly revenue was up 61.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.56) earnings per share. On average, research analysts expect that PROCEPT BioRobotics will post -1.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 10,000 shares of PROCEPT BioRobotics stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $62.18, for a total transaction of $621,800.00. Following the completion of the sale, the executive vice president now owns 52,472 shares of the company’s stock, valued at $3,262,708.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Hisham Shiblaq sold 26,046 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $68.24, for a total value of $1,777,379.04. Following the completion of the sale, the executive vice president now owns 55,860 shares of the company’s stock, valued at approximately $3,811,886.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Alaleh Nouri sold 10,000 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $62.18, for a total value of $621,800.00. Following the completion of the sale, the executive vice president now directly owns 52,472 shares of the company’s stock, valued at approximately $3,262,708.96. The disclosure for this sale can be found here. Corporate insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Amalgamated Bank increased its holdings in 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 purchasing an additional 316 shares during the period. Essex Investment Management Co. LLC increased its holdings in 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 purchasing an additional 336 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in PROCEPT BioRobotics by 4.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,913 shares of the company’s stock valued at $606,000 after purchasing an additional 408 shares during the period. Principal Financial Group Inc. increased its holdings in 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 purchasing an additional 568 shares during the period. Finally, ProShare Advisors LLC increased its holdings in PROCEPT BioRobotics by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 7,250 shares of the company’s stock valued at $358,000 after purchasing an additional 570 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).