Evercore upgraded shares of PROCEPT BioRobotics (NASDAQ:PRCT – Free Report) to a strong-buy rating in a research report sent to investors on Wednesday morning,Zacks.com reports.
Other analysts have also recently issued reports about the stock. Leerink Partners cut shares of PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $31.00 to $29.00 in a report on Thursday, June 11th. Wells Fargo & Company dropped their price objective on shares of PROCEPT BioRobotics from $51.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, February 26th. Robert W. Baird assumed coverage on shares of PROCEPT BioRobotics in a research report on Friday, March 6th. They issued a “neutral” rating and a $30.00 target price for the company. Piper Sandler reissued an “overweight” rating and set a $35.00 target price (up from $28.00) on shares of PROCEPT BioRobotics in a research note on Thursday, April 30th. Finally, Wall Street Zen raised shares of PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, PROCEPT BioRobotics presently has a consensus rating of “Hold” and an average price target of $40.42.
View Our Latest Analysis on PRCT
PROCEPT BioRobotics Stock Performance
PROCEPT BioRobotics (NASDAQ:PRCT – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 27.70% and a negative net margin of 31.82%.The business had revenue of $83.13 million during the quarter, compared to analysts’ expectations of $80.52 million. During the same period in the prior year, the company posted ($0.45) earnings per share. The firm’s revenue was up 20.1% on a year-over-year basis. On average, sell-side analysts predict that PROCEPT BioRobotics will post -1.53 earnings per share for the current fiscal year.
Institutional Trading of PROCEPT BioRobotics
A number of institutional investors have recently added to or reduced their stakes in PRCT. Prosight Management LP increased its stake in shares of PROCEPT BioRobotics by 1,692.4% during the 4th quarter. Prosight Management LP now owns 1,380,000 shares of the company’s stock worth $43,415,000 after purchasing an additional 1,303,009 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of PROCEPT BioRobotics by 58.6% in the 3rd quarter. Alliancebernstein L.P. now owns 3,419,784 shares of the company’s stock valued at $122,052,000 after purchasing an additional 1,262,928 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in PROCEPT BioRobotics by 59.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,271,408 shares of the company’s stock worth $102,919,000 after purchasing an additional 1,218,815 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its position in PROCEPT BioRobotics by 229.7% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,128,288 shares of the company’s stock worth $40,269,000 after buying an additional 786,094 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in PROCEPT BioRobotics by 105.2% during the third quarter. Mackenzie Financial Corp now owns 1,454,434 shares of the company’s stock worth $51,909,000 after buying an additional 745,778 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.
PROCEPT BioRobotics Company Profile
PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.
The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.
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