PROCEPT BioRobotics (NASDAQ:PRCT) Price Target Cut to $95.00 by Analysts at Morgan Stanley

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target decreased by Morgan Stanley from $105.00 to $95.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 44.12% from the stock’s current price.

A number of other brokerages have also issued reports on PRCT. Jefferies Financial Group assumed coverage on shares of PROCEPT BioRobotics in a research note on Thursday, November 14th. They set a “hold” rating and a $95.00 price target on the stock. Truist Financial reiterated a “buy” rating and set a $90.00 price target (down from $105.00) on shares of PROCEPT BioRobotics in a research note on Wednesday. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $112.00 price target on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.29.

PROCEPT BioRobotics Trading Up 5.1 %

PRCT traded up $3.21 on Wednesday, hitting $65.92. The company had a trading volume of 596,850 shares, compared to its average volume of 891,348. The firm has a market cap of $3.44 billion, a P/E ratio of -33.82 and a beta of 1.03. PROCEPT BioRobotics has a 1 year low of $45.20 and a 1 year high of $103.81. The company’s fifty day moving average price is $75.53 and its 200 day moving average price is $80.02. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The company had revenue of $68.24 million during the quarter, compared to analysts’ expectations of $66.79 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. As a group, equities analysts expect that PROCEPT BioRobotics will post -1.75 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Reza Zadno sold 26,423 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $97.22, for a total transaction of $2,568,844.06. Following the transaction, the chief executive officer now directly owns 152,762 shares in the company, valued at approximately $14,851,521.64. This trade represents a 14.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Alaleh Nouri sold 28,092 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the transaction, the executive vice president now owns 52,472 shares in the company, valued at approximately $5,096,605.36. This trade represents a 34.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.40% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

A number of hedge funds and other institutional investors have recently bought and sold shares of PRCT. Raleigh Capital Management Inc. purchased a new position in PROCEPT BioRobotics in the 4th quarter valued at $32,000. Thematics Asset Management acquired a new stake in PROCEPT BioRobotics in the fourth quarter valued at $46,000. Signaturefd LLC lifted its holdings in PROCEPT BioRobotics by 26.7% in the fourth quarter. Signaturefd LLC now owns 689 shares of the company’s stock valued at $55,000 after acquiring an additional 145 shares during the period. IFP Advisors Inc acquired a new stake in PROCEPT BioRobotics in the fourth quarter valued at $58,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in PROCEPT BioRobotics in the third quarter valued at $64,000. 89.46% of the stock is currently 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).