Bank of America Lowers PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $84.00

PROCEPT BioRobotics (NASDAQ:PRCT - Free Report) had its price objective trimmed by Bank of America from $104.00 to $84.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts also recently issued reports about the stock. Truist Financial reduced their price target on shares of PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Morgan Stanley lowered their target price on PROCEPT BioRobotics from $105.00 to $95.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $90.00.

PROCEPT BioRobotics Stock Down 1.2 %

NASDAQ PRCT traded down $0.68 during trading hours on Friday, reaching $55.63. 350,230 shares of the company traded hands, compared to its average volume of 810,808. PROCEPT BioRobotics has a 12 month low of $47.04 and a 12 month high of $103.81. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $3.05 billion, a PE ratio of -28.53 and a beta of 1.09. The company has a 50 day moving average of $57.30 and a two-hundred day moving average of $73.75.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The company reported ($0.45) EPS for the quarter, beating analysts' consensus estimates of ($0.49) by $0.04. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The firm had revenue of $69.16 million for the quarter, compared to the consensus estimate of $65.39 million. During the same period in the prior year, the firm posted ($0.51) EPS. The firm's revenue was up 55.5% compared to the same quarter last year. As a group, equities analysts expect that PROCEPT BioRobotics will post -1.75 earnings per share for the current year.

Insider Transactions at PROCEPT BioRobotics

In other news, CFO Kevin Waters sold 733 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total transaction of $41,824.98. Following the completion of the transaction, the chief financial officer now directly owns 107,991 shares in the company, valued at $6,161,966.46. The trade was a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Reza Zadno sold 5,475 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total value of $312,403.50. Following the transaction, the chief executive officer now owns 173,070 shares of the company's stock, valued at approximately $9,875,374.20. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,455 shares of company stock worth $368,322 over the last three months. 17.40% of the stock is currently owned by insiders.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently modified their holdings of PRCT. FMR LLC increased its position in shares of PROCEPT BioRobotics by 11.9% during the fourth quarter. FMR LLC now owns 8,159,208 shares of the company's stock valued at $656,979,000 after purchasing an additional 866,328 shares during the period. Perpetual Ltd bought a new stake in shares of PROCEPT BioRobotics during the fourth quarter valued at approximately $66,972,000. Wellington Management Group LLP increased its position in shares of PROCEPT BioRobotics by 38.8% during the fourth quarter. Wellington Management Group LLP now owns 1,490,952 shares of the company's stock valued at $120,051,000 after purchasing an additional 416,819 shares during the period. Franklin Resources Inc. increased its position in shares of PROCEPT BioRobotics by 64.5% during the third quarter. Franklin Resources Inc. now owns 885,992 shares of the company's stock valued at $64,669,000 after purchasing an additional 347,330 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of PROCEPT BioRobotics by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 5,140,426 shares of the company's stock valued at $413,907,000 after purchasing an additional 297,075 shares during the period. 89.46% of the stock is currently owned by 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).