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

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target lowered by equities researchers at Morgan Stanley from $105.00 to $95.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 44.12% from the stock’s previous close.

A number of other research firms have also issued reports on PRCT. Jefferies Financial Group began coverage on shares of PROCEPT BioRobotics in a research report on Thursday, November 14th. They set a “hold” rating and a $95.00 price target for the company. Wells Fargo & Company reissued an “overweight” rating and set a $112.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, December 3rd. Finally, Truist Financial reaffirmed a “buy” rating and set a $90.00 target price (down from $105.00) on shares of PROCEPT BioRobotics in a report on Wednesday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $94.29.

PROCEPT BioRobotics Stock Performance

PRCT stock traded up $3.21 during trading on Wednesday, reaching $65.92. The company had a trading volume of 596,850 shares, compared to its average volume of 891,348. The firm has a 50-day simple moving average of $75.53 and a 200-day simple moving average of $80.02. The company has a market cap of $3.44 billion, a price-to-earnings ratio of -33.82 and a beta of 1.03. 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 twelve month low of $45.20 and a twelve month high of $103.81.

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

Insider Activity at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 28,092 shares of PROCEPT BioRobotics stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the sale, the executive vice president now owns 52,472 shares of the company’s stock, valued at $5,096,605.36. The trade was a 34.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Reza Zadno sold 26,423 shares of PROCEPT BioRobotics stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $97.22, for a total transaction of $2,568,844.06. Following the sale, 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 position. The disclosure for this sale can be found here. 17.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRCT. Raleigh Capital Management Inc. acquired a new stake in PROCEPT BioRobotics during the 4th quarter worth $32,000. Thematics Asset Management acquired a new position in shares of PROCEPT BioRobotics during the 4th quarter valued at about $46,000. Signaturefd LLC boosted its position in shares of PROCEPT BioRobotics by 26.7% during the 4th quarter. Signaturefd LLC now owns 689 shares of the company’s stock valued at $55,000 after acquiring an additional 145 shares during the last quarter. IFP Advisors Inc acquired a new position in shares of PROCEPT BioRobotics during the 4th quarter valued at about $58,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of PROCEPT BioRobotics during the 3rd quarter valued at about $64,000. 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).