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

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) had its price objective lowered by investment analysts at Morgan Stanley from $105.00 to $95.00 in a report released on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's price objective indicates a potential upside of 47.65% from the stock's previous close.

PRCT has been the subject of a number of other research reports. Jefferies Financial Group began coverage on PROCEPT BioRobotics in a research note on Thursday, November 14th. They set a "hold" rating and a $95.00 price objective for the company. Truist Financial reiterated a "buy" rating and set a $90.00 price objective (down previously 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 objective on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.29.

PROCEPT BioRobotics Stock Down 1.0 %

Shares of PRCT traded down $0.68 on Wednesday, reaching $64.34. The stock had a trading volume of 935,200 shares, compared to its average volume of 943,432. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of -32.99 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. The company has a 50-day simple moving average of $74.60 and a 200-day simple moving average of $79.84. PROCEPT BioRobotics has a 12-month low of $45.56 and a 12-month high of $103.81.

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PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported ($0.35) EPS for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.01). The firm 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%. Sell-side analysts predict that PROCEPT BioRobotics will post -1.75 EPS for the current year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, 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 value of $2,568,844.06. Following the completion of the sale, the chief executive officer now owns 152,762 shares of the company's stock, valued at approximately $14,851,521.64. This trade represents a 14.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alaleh Nouri sold 28,092 shares of PROCEPT BioRobotics 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 completion of the sale, the executive vice president now directly 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 disclosure for this sale can be found here. Corporate insiders own 17.40% of the company's stock.

Institutional Trading of PROCEPT BioRobotics

Several large investors have recently modified their holdings of PRCT. Westfield Capital Management Co. LP bought a new stake in shares of PROCEPT BioRobotics in the third quarter worth $72,563,000. FMR LLC grew its holdings in shares of PROCEPT BioRobotics by 11.9% in the fourth quarter. FMR LLC now owns 8,159,208 shares of the company's stock worth $656,979,000 after acquiring an additional 866,328 shares during the period. Perpetual Ltd bought a new stake in shares of PROCEPT BioRobotics in the fourth quarter worth $66,972,000. Wellington Management Group LLP grew its holdings in shares of PROCEPT BioRobotics by 38.8% in the fourth quarter. Wellington Management Group LLP now owns 1,490,952 shares of the company's stock worth $120,051,000 after acquiring an additional 416,819 shares during the period. Finally, Franklin Resources Inc. grew its holdings in PROCEPT BioRobotics by 64.5% during the third quarter. Franklin Resources Inc. now owns 885,992 shares of the company's stock valued at $64,669,000 after purchasing an additional 347,330 shares during the period. Institutional investors own 89.46% of the company's stock.

PROCEPT BioRobotics Company Profile

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).