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

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) had its target price upped by stock analysts at TD Cowen from $65.00 to $75.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's price target would suggest a potential upside of 22.09% from the company's current price.

A number of other research analysts have also recently issued reports on PRCT. Wells Fargo & Company raised their price target on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the stock an "overweight" rating in a report 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 report on Thursday. Finally, Piper Sandler raised their price target on shares of PROCEPT BioRobotics from $67.00 to $75.00 and gave the company an "overweight" rating in a research report on Monday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $61.20.

PROCEPT BioRobotics Stock Down 4.5 %

NASDAQ:PRCT traded down $2.88 during midday trading on Monday, reaching $61.43. 1,072,443 shares of the stock traded hands, compared to its average volume of 544,216. PROCEPT BioRobotics has a 12-month low of $24.83 and a 12-month high of $65.00. The business has a 50-day moving average of $50.25 and a two-hundred day moving average of $43.82. The company has a debt-to-equity ratio of 0.19, a quick ratio of 7.44 and a current ratio of 8.52. The stock has a market capitalization of $3.16 billion, a PE ratio of -28.77 and a beta of 0.95.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its earnings results on Wednesday, May 1st. The company reported ($0.51) EPS for the quarter, beating analysts' consensus estimates of ($0.55) by $0.04. PROCEPT BioRobotics had a negative net margin of 66.12% and a negative return on equity of 41.35%. The company had revenue of $44.50 million during the quarter, compared to analysts' expectations of $41.58 million. During the same quarter in the prior year, the company posted ($0.63) earnings per share. PROCEPT BioRobotics's revenue for the quarter was up 82.4% compared to the same quarter last year. On average, equities analysts forecast that PROCEPT BioRobotics will post -1.96 earnings per share for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In other news, Director Thomas M. Krummel sold 20,000 shares of PROCEPT BioRobotics stock in a transaction dated Wednesday, May 1st. The shares were 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 in the company, valued at $2,737,860. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Thomas M. Krummel sold 20,000 shares of PROCEPT BioRobotics stock in a transaction dated Wednesday, May 1st. The shares were 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 in the company, valued at $2,737,860. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Alaleh Nouri sold 2,749 shares of PROCEPT BioRobotics stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $46.67, for a total transaction of $128,295.83. Following the completion of the sale, the executive vice president now owns 62,913 shares in the company, valued at approximately $2,936,149.71. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,581 shares of company stock worth $7,770,023. 19.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

Several hedge funds and other institutional investors have recently modified their holdings of PRCT. Fairman Group LLC purchased a new position in shares of PROCEPT BioRobotics in the fourth quarter worth about $84,000. Blue Trust Inc. lifted its stake in shares of PROCEPT BioRobotics by 30.9% in the fourth quarter. Blue Trust Inc. now owns 2,629 shares of the company's stock worth $110,000 after buying an additional 620 shares in the last quarter. Glass Jacobson Investment Advisors llc purchased a new position in shares of PROCEPT BioRobotics in the fourth quarter worth about $138,000. Amalgamated Bank lifted its stake in shares of PROCEPT BioRobotics by 8.8% in the third quarter. Amalgamated Bank now owns 5,488 shares of the company's stock worth $180,000 after buying an additional 442 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in shares of PROCEPT BioRobotics in the fourth quarter worth about $201,000. 89.46% of the stock is owned by hedge funds and other institutional investors.

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).