PROCEPT BioRobotics (NASDAQ:PRCT) Research Coverage Started at Morgan Stanley

Morgan Stanley assumed coverage on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a research report report published on Monday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $105.00 target price on the stock.

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

PROCEPT BioRobotics Price Performance

PROCEPT BioRobotics stock opened at $99.45 on Monday. 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. The stock has a market capitalization of $5.19 billion, a P/E ratio of -51.00 and a beta of 0.99. The stock has a fifty day moving average of $84.96 and a 200-day moving average of $74.34.

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

Insider Activity at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 36,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $76.18, for a total value of $2,780,570.00. Following the transaction, the director now owns 281,018 shares in the company, valued at approximately $21,407,951.24. This represents a 11.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $82.51, for a total value of $2,062,750.00. Following the completion of the transaction, the chief financial officer now owns 96,096 shares in the company, valued at approximately $7,928,880.96. The trade was a 20.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 539,668 shares of company stock worth $47,960,744 in the last 90 days. Corporate insiders own 17.40% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. raised its stake in shares of PROCEPT BioRobotics by 64.5% in the third quarter. Franklin Resources Inc. now owns 885,992 shares of the company’s stock worth $64,669,000 after purchasing an additional 347,330 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of PROCEPT BioRobotics in the third quarter worth approximately $64,000. Neo Ivy Capital Management purchased a new stake in shares of PROCEPT BioRobotics in the third quarter worth approximately $228,000. Geode Capital Management LLC raised its stake in shares of PROCEPT BioRobotics by 8.2% in the third quarter. Geode Capital Management LLC now owns 1,106,588 shares of the company’s stock worth $88,678,000 after purchasing an additional 84,244 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of PROCEPT BioRobotics in the third quarter worth approximately $1,081,000. 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).