PROCEPT BioRobotics (NASDAQ:PRCT) Raised to “Strong-Buy” at Barclays

PROCEPT BioRobotics (NASDAQ:PRCT) was upgraded by equities researchers at Barclays to a “strong-buy” rating in a research report issued on Tuesday, Zacks reports.

Other research analysts have also recently issued reports about the stock. Jefferies Financial Group reaffirmed a “hold” rating and issued a $20.00 target price on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. Leerink Partners cut shares of PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and cut their price target for the company from $31.00 to $29.00 in a report on Thursday, June 11th. Evercore set a $23.00 price objective on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. William Blair cut PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 5th. Finally, TD Cowen decreased their price target on PROCEPT BioRobotics from $34.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.50.

PROCEPT BioRobotics Price Performance

Shares of PRCT opened at $17.90 on Tuesday. PROCEPT BioRobotics has a fifty-two week low of $16.67 and a fifty-two week high of $38.11. The firm’s 50-day simple moving average is $19.95 and its two-hundred day simple moving average is $22.41. The stock has a market cap of $1.03 billion, a PE ratio of -9.23 and a beta of 0.92. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.35 and a current ratio of 6.55.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Tuesday, August 4th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.01). The company had revenue of $94.50 million during the quarter, compared to the consensus estimate of $92.77 million. PROCEPT BioRobotics had a negative return on equity of 30.62% and a negative net margin of 32.53%.The company’s revenue was up 19.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.35) earnings per share. Analysts anticipate that PROCEPT BioRobotics will post -1.67 earnings per share for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In other news, CEO Larry Wood acquired 23,900 shares of PROCEPT BioRobotics stock in a transaction that occurred on Friday, August 7th. The stock was bought at an average price of $20.85 per share, for a total transaction of $498,315.00. Following the completion of the transaction, the chief executive officer owned 23,900 shares in the company, valued at $498,315. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 1,043 shares of company stock valued at $21,851 over the last three months. Insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of large investors have recently made changes to their positions in the company. Center for Financial Planning Inc. raised its holdings in PROCEPT BioRobotics by 59.6% in the 1st quarter. Center for Financial Planning Inc. now owns 2,040 shares of the company’s stock worth $51,000 after purchasing an additional 762 shares during the period. Versant Capital Management Inc increased its position in PROCEPT BioRobotics by 70.3% in the third quarter. Versant Capital Management Inc now owns 2,032 shares of the company’s stock worth $37,000 after buying an additional 839 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of PROCEPT BioRobotics by 570.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,146 shares of the company’s stock worth $36,000 after buying an additional 975 shares during the period. Nykredit A S purchased a new position in shares of PROCEPT BioRobotics during the 2nd quarter valued at about $27,000. Finally, IFP Advisors Inc lifted its position in shares of PROCEPT BioRobotics by 11.9% during the 2nd quarter. IFP Advisors Inc now owns 12,062 shares of the company’s stock valued at $272,000 after buying an additional 1,287 shares in the last quarter. 89.46% of the stock is currently owned by institutional investors.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corp. is a medical technology company focused on developing and commercializing robotic and image-guided systems for urologic procedures. The company’s primary focus is benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

PROCEPT’s flagship technology is Aquablation therapy, a minimally invasive, robotically controlled treatment that uses a high-velocity waterjet to remove prostate tissue. The therapy is delivered through the company’s AquaBeam Robotic System, which combines real-time imaging, surgical planning and robotic control to assist physicians during prostate procedures.