PROCEPT BioRobotics (NASDAQ:PRCT) Price Target Lowered to $95.00 at Morgan Stanley

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective cut by Morgan Stanley from $105.00 to $95.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts have also issued research reports about the company. Truist Financial reaffirmed a “buy” rating and issued a $90.00 target price (down previously from $105.00) on shares of PROCEPT BioRobotics in a research note on Wednesday. Jefferies Financial Group began coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They issued a “hold” rating and a $95.00 price target for the company. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $112.00 price target on shares of PROCEPT BioRobotics in a report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $94.29.

PROCEPT BioRobotics Price Performance

PRCT stock opened at $68.11 on Wednesday. PROCEPT BioRobotics has a 1 year low of $45.20 and a 1 year high of $103.81. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. The stock’s 50 day moving average price is $75.25 and its 200 day moving average price is $79.94. The firm has a market cap of $3.55 billion, a P/E ratio of -34.93 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its 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 net margin of 50.07% and a negative return on equity of 38.57%. The company had revenue of $68.24 million during the quarter, compared to analysts’ expectations of $66.79 million. On average, sell-side analysts expect that PROCEPT BioRobotics will post -1.75 earnings per share for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In other news, CEO Reza Zadno sold 26,423 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 152,762 shares in the company, valued at $14,851,521.64. This represents a 14.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Alaleh Nouri sold 28,092 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $97.13, for a total value of $2,728,575.96. Following the sale, the executive vice president now owns 52,472 shares of the company’s stock, valued at approximately $5,096,605.36. The trade was 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.

Institutional Trading of PROCEPT BioRobotics

Institutional investors and hedge funds have recently made changes to their positions in the company. Lord Abbett & CO. LLC increased its holdings in shares of PROCEPT BioRobotics by 45.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock worth $59,974,000 after buying an additional 233,430 shares during the last quarter. Perpetual Ltd acquired a new stake in PROCEPT BioRobotics in the 4th quarter valued at $66,972,000. Penserra Capital Management LLC acquired a new stake in PROCEPT BioRobotics in the 3rd quarter valued at $2,308,000. Oak Ridge Investments LLC increased its holdings in PROCEPT BioRobotics by 24.0% in the 4th quarter. Oak Ridge Investments LLC now owns 30,059 shares of the company’s stock valued at $2,420,000 after purchasing an additional 5,817 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in PROCEPT BioRobotics by 295.8% in the 4th quarter. SG Americas Securities LLC now owns 6,598 shares of the company’s stock valued at $531,000 after purchasing an additional 4,931 shares in the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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).