Piper Sandler Lowers PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $55.00

Key Points

• Piper Sandler has lowered its price target for PROCEPT BioRobotics from $80.00 to $55.00, while maintaining an "overweight" rating, suggesting a potential upside of 46.36% from its previous close.
• Despite the recent downgrade, the overall consensus among analysts remains positive, with an average rating of "Moderate Buy" and a consensus target price of $81.63 for the stock.
• PROCEPT BioRobotics reported a quarterly revenue of $79.18 million, exceeding analysts' expectations, along with a smaller quarterly loss than anticipated, indicating strong growth potential in its business operations.

PROCEPT BioRobotics (NASDAQ:PRCT - Free Report) had its target price reduced by Piper Sandler from $80.00 to $55.00 in a research note released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

PRCT has been the topic of a number of other reports. Stephens began coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price objective on the stock. Morgan Stanley cut their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Truist Financial dropped their price objective on PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Bank of America decreased their price objective on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a report on Friday, April 25th. Finally, Wall Street Zen downgraded PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, PROCEPT BioRobotics presently has a consensus rating of "Moderate Buy" and an average target price of $74.88.

PROCEPT BioRobotics Trading Down 0.8%

Shares of PRCT stock traded down $0.30 during trading on Thursday, hitting $38.11. 1,109,542 shares of the stock traded hands, compared to its average volume of 1,017,093. The firm's fifty day moving average price is $56.97 and its 200-day moving average price is $58.76. The firm has a market capitalization of $2.11 billion, a P/E ratio of -24.59 and a beta of 1.05. PROCEPT BioRobotics has a 52-week low of $37.12 and a 52-week high of $103.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.06. The business had revenue of $79.18 million during the quarter, compared to the consensus estimate of $75.67 million. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. PROCEPT BioRobotics's quarterly revenue was up 48.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.50) EPS. As a group, research analysts forecast that PROCEPT BioRobotics will post -1.75 earnings per share for the current fiscal year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 25,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the completion of the sale, the director directly owned 14,363 shares in the company, valued at $883,180.87. This trade represents a 63.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 100,000 shares of company stock valued at $6,271,250. Company insiders own 6.60% of the company's stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several hedge funds have recently made changes to their positions in PRCT. Alliancebernstein L.P. boosted its stake in PROCEPT BioRobotics by 22.3% during the first quarter. Alliancebernstein L.P. now owns 2,143,693 shares of the company's stock worth $124,892,000 after acquiring an additional 391,215 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of PROCEPT BioRobotics by 43.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company's stock worth $82,462,000 after buying an additional 429,461 shares during the period. Geode Capital Management LLC grew its position in PROCEPT BioRobotics by 9.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,298,894 shares of the company's stock valued at $74,826,000 after purchasing an additional 115,229 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of PROCEPT BioRobotics by 47.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,055,762 shares of the company's stock worth $61,510,000 after purchasing an additional 341,906 shares during the period. Finally, Westfield Capital Management Co. LP grew its holdings in PROCEPT BioRobotics by 43.2% during the 1st quarter. Westfield Capital Management Co. LP now owns 748,557 shares of the company's stock valued at $43,611,000 after buying an additional 225,894 shares in the last quarter. 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).