PROCEPT BioRobotics Co. (NASDAQ:PRCT) Shares Bought by Bank of America Corp DE

Bank of America Corp DE increased its stake in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT - Free Report) by 6.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 623,408 shares of the company's stock after acquiring an additional 36,944 shares during the quarter. Bank of America Corp DE owned about 1.19% of PROCEPT BioRobotics worth $50,197,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRCT. BNP Paribas Financial Markets bought a new position in PROCEPT BioRobotics during the fourth quarter valued at $11,500,000. Freestone Grove Partners LP bought a new position in PROCEPT BioRobotics during the fourth quarter valued at $207,000. Northern Trust Corp lifted its position in PROCEPT BioRobotics by 15.6% during the fourth quarter. Northern Trust Corp now owns 446,468 shares of the company's stock valued at $35,950,000 after purchasing an additional 60,098 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in PROCEPT BioRobotics by 11.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 65,820 shares of the company's stock valued at $5,300,000 after purchasing an additional 6,785 shares during the last quarter. Finally, Prosperity Consulting Group LLC bought a new position in PROCEPT BioRobotics during the fourth quarter valued at $229,000. Institutional investors own 89.46% of the company's stock.

Insiders Place Their Bets

In other news, CFO Kevin Waters sold 733 shares of the firm's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $57.06, for a total value of $41,824.98. Following the sale, the chief financial officer now directly owns 107,991 shares in the company, valued at approximately $6,161,966.46. This trade represents a 0.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Reza Zadno sold 5,475 shares of the firm's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $57.06, for a total transaction of $312,403.50. Following the completion of the sale, the chief executive officer now owns 173,070 shares in the company, valued at $9,875,374.20. This represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,455 shares of company stock worth $368,322 in the last three months. Corporate insiders own 6.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Morgan Stanley lowered their price objective on shares of PROCEPT BioRobotics from $105.00 to $95.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Truist Financial reduced their price target on shares of PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Bank of America reduced their price target on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $90.00.

PROCEPT BioRobotics Stock Down 0.1%

PROCEPT BioRobotics stock traded down $0.04 during midday trading on Friday, hitting $58.07. 1,547,265 shares of the company's stock were exchanged, compared to its average volume of 816,091. 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 Co. has a 12 month low of $47.04 and a 12 month high of $103.81. The firm has a 50-day moving average of $55.22 and a two-hundred day moving average of $72.05. The company has a market cap of $3.21 billion, a PE ratio of -29.78 and a beta of 1.10.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.04. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The company had revenue of $69.16 million for the quarter, compared to analysts' expectations of $65.39 million. During the same period in the prior year, the business earned ($0.51) EPS. The firm's quarterly revenue was up 55.5% on a year-over-year basis. As a group, analysts expect that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current fiscal year.

PROCEPT BioRobotics 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).