PROCEPT BioRobotics (NASDAQ:PRCT) Given “Overweight” Rating at Wells Fargo & Company

Wells Fargo & Company reissued their overweight rating on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a report released on Tuesday morning,Benzinga reports. They currently have a $112.00 target price on the stock.

A number of other brokerages have also recently issued reports on PRCT. Jefferies Financial Group began coverage on shares of PROCEPT BioRobotics in a report on Thursday, November 14th. They set a “hold” rating and a $95.00 price objective for the company. Truist Financial reiterated a “buy” rating and issued a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. Bank of America upped their price target on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Piper Sandler reiterated an “overweight” rating and issued a $75.00 price target on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Finally, TD Cowen upped their price target on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a report on Monday, September 16th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, PROCEPT BioRobotics currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.86.

PROCEPT BioRobotics Stock Up 0.4 %

Shares of NASDAQ PRCT opened at $96.48 on Tuesday. The stock has a market cap of $5.03 billion, a P/E ratio of -49.48 and a beta of 0.99. The firm has a 50 day moving average price of $84.56 and a 200 day moving average price of $74.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. PROCEPT BioRobotics has a 52-week low of $36.52 and a 52-week high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.09. The firm had revenue of $58.40 million during the quarter, compared to analysts’ expectations of $53.30 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The business’s revenue for the quarter was up 66.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.51) earnings per share. Analysts expect that PROCEPT BioRobotics will post -1.73 EPS for the current year.

Insider Transactions at PROCEPT BioRobotics

In other news, CEO Reza Zadno sold 26,420 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $97.83, for a total value of $2,584,668.60. Following the sale, the chief executive officer now owns 179,185 shares of the company’s stock, valued at $17,529,668.55. The trade was a 12.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Antal Rohit Desai sold 13,305 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the sale, the director now directly owns 317,518 shares in the company, valued at $24,248,849.66. This trade represents a 4.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 552,973 shares of company stock valued at $48,976,847 over the last 90 days. 17.40% of the stock is owned by corporate insiders.

Institutional Trading of PROCEPT BioRobotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC raised its position in PROCEPT BioRobotics by 0.3% during the third quarter. Essex Investment Management Co. LLC now owns 80,992 shares of the company’s stock worth $6,489,000 after acquiring an additional 228 shares in the last quarter. Values First Advisors Inc. bought a new stake in PROCEPT BioRobotics during the third quarter worth $27,000. Arizona State Retirement System raised its position in PROCEPT BioRobotics by 2.8% during the second quarter. Arizona State Retirement System now owns 12,840 shares of the company’s stock worth $784,000 after acquiring an additional 350 shares in the last quarter. KBC Group NV raised its position in PROCEPT BioRobotics by 32.6% during the third quarter. KBC Group NV now owns 1,531 shares of the company’s stock worth $123,000 after acquiring an additional 376 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in PROCEPT BioRobotics by 4.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,913 shares of the company’s stock worth $606,000 after acquiring an additional 408 shares in the last quarter. 89.46% of the stock is owned by institutional investors.

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).