Morgan Stanley Lowers PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $68.00

PROCEPT BioRobotics (NASDAQ:PRCT - Free Report) had its target price reduced by Morgan Stanley from $71.00 to $68.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

PRCT has been the topic of several other reports. Bank of America lowered their price objective on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Truist Financial reduced their target price on shares of PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a report on Friday, April 11th. Stephens assumed coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 target price for the company. Wall Street Zen downgraded shares of PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. Finally, Oppenheimer assumed coverage on shares of PROCEPT BioRobotics in a report on Monday, July 7th. They set a "market perform" rating for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $84.13.

PROCEPT BioRobotics Stock Down 1.0%

PRCT stock traded down $0.58 during midday trading on Tuesday, hitting $58.35. The company's stock had a trading volume of 1,834,155 shares, compared to its average volume of 854,464. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.95 and a quick ratio of 7.75. PROCEPT BioRobotics has a twelve month low of $47.04 and a twelve month high of $103.81. The company's fifty day moving average price is $58.62 and its 200 day moving average price is $62.22. The stock has a market capitalization of $3.23 billion, a P/E ratio of -34.32 and a beta of 1.07.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.04. PROCEPT BioRobotics had a negative net margin of 36.20% and a negative return on equity of 28.09%. The firm had revenue of $69.16 million for the quarter, compared to analyst estimates of $65.39 million. During the same period in the previous year, the business earned ($0.51) EPS. The company's revenue was up 55.5% compared to the same quarter last year. As a group, equities research analysts predict that PROCEPT BioRobotics will post -1.75 EPS for the current year.

Insider Transactions at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $61.49, for a total value of $1,537,250.00. Following the completion of the sale, the director owned 14,363 shares of the company's stock, valued at $883,180.87. The trade was a 63.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 100,000 shares of company stock valued at $6,271,250. Insiders own 6.60% of the company's stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Institutional investors have recently added to or reduced their stakes in the stock. ANTIPODES PARTNERS Ltd acquired a new position in PROCEPT BioRobotics in the 1st quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in PROCEPT BioRobotics in the 1st quarter valued at approximately $40,000. Thematics Asset Management acquired a new position in PROCEPT BioRobotics in the 4th quarter valued at approximately $46,000. CWM LLC increased its position in PROCEPT BioRobotics by 69.5% in the 1st quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after acquiring an additional 358 shares during the period. Finally, Signaturefd LLC increased its position in PROCEPT BioRobotics by 26.7% in the 4th quarter. Signaturefd LLC now owns 689 shares of the company's stock valued at $55,000 after acquiring an additional 145 shares during the period. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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).