Wells Fargo & Company Has Lowered Expectations for PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price

Key Points

• Wells Fargo & Company has lowered its price target for PROCEPT BioRobotics from $75.00 to $58.00, while maintaining an "overweight" rating, indicating a potential upside of 43.20% from the current price.
• Several other analysts have also decreased their price targets, with Truist reducing their target from $90.00 to $70.00 and Bank of America from $104.00 to $84.00, both maintaining a "buy" rating.
• PROCEPT BioRobotics' stock has experienced an 11.4% decline in trading, with the company reporting significant revenue growth of 48.3% year-over-year, although it had a negative net margin of 36.20%.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) had its target price reduced by investment analysts at Wells Fargo & Company from $75.00 to $58.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price target points to a potential upside of 49.60% from the stock's current price.

A number of other equities research analysts have also recently weighed in on PRCT. Piper Sandler dropped their price target on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday. Bank of America dropped their price target on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a report on Friday, April 25th. Oppenheimer started coverage on PROCEPT BioRobotics in a report on Monday, July 7th. They set a "market perform" rating for the company. Morgan Stanley decreased their price objective on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Finally, Wall Street Zen lowered 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $74.88.

PROCEPT BioRobotics Stock Performance

PROCEPT BioRobotics stock traded up $0.36 during trading hours on Thursday, hitting $38.77. The stock had a trading volume of 2,062,688 shares, compared to its average volume of 1,023,609. The company has a 50-day moving average of $56.97 and a two-hundred day moving average of $58.76. The company has a quick ratio of 7.86, a current ratio of 9.21 and a debt-to-equity ratio of 0.13. The company has a market cap of $2.15 billion, a PE ratio of -25.01 and a beta of 1.05. PROCEPT BioRobotics has a fifty-two week low of $37.12 and a fifty-two week high of $103.81.

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

Insiders Place Their Bets

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics 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 transaction, the director directly owned 14,363 shares in the company, valued at approximately $883,180.87. The trade was a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 100,000 shares of company stock worth $6,271,250 in the last 90 days. Insiders own 6.60% of the company's stock.

Institutional Trading of PROCEPT BioRobotics

Several hedge funds and other institutional investors have recently modified their holdings of PRCT. T. Rowe Price Investment Management Inc. raised its stake 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 valued at $82,462,000 after purchasing an additional 429,461 shares during the period. Alliancebernstein L.P. increased its position in shares of PROCEPT BioRobotics by 22.3% in the first quarter. Alliancebernstein L.P. now owns 2,143,693 shares of the company's stock valued at $124,892,000 after acquiring an additional 391,215 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of PROCEPT BioRobotics by 47.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,055,762 shares of the company's stock valued at $61,510,000 after acquiring an additional 341,906 shares during the last quarter. Baillie Gifford & Co. acquired a new stake in shares of PROCEPT BioRobotics in the first quarter valued at about $18,287,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of PROCEPT BioRobotics in the fourth quarter valued at about $22,422,000. Institutional investors and hedge funds 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).