Alliancebernstein L.P. Boosts Stock Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Alliancebernstein L.P. has increased its stake in PROCEPT BioRobotics Corporation by 22.3%, now owning approximately 3.87% of the company, valued at $124.89 million.
• Several other institutional investors have also modified their positions, with 89.46% of the stock currently held by institutional investors and hedge funds.
• Analysts view the stock positively, with eight giving it a Buy rating and a consensus target price of $73.22, following a recent earnings report showing a revenue increase of 48.3% year-over-year.

Alliancebernstein L.P. grew its holdings in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 22.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,143,693 shares of the company's stock after buying an additional 391,215 shares during the quarter. Alliancebernstein L.P. owned approximately 3.87% of PROCEPT BioRobotics worth $124,892,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Stifel Financial Corp increased its position in PROCEPT BioRobotics by 83.0% in the 4th quarter. Stifel Financial Corp now owns 10,307 shares of the company's stock valued at $830,000 after acquiring an additional 4,675 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of PROCEPT BioRobotics by 11.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 65,820 shares of the company's stock worth $5,300,000 after purchasing an additional 6,785 shares in the last quarter. Northern Trust Corp grew its stake in shares of 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. BNP Paribas Financial Markets acquired a new position in PROCEPT BioRobotics during the 4th quarter valued at about $11,500,000. Finally, Bank of America Corp DE increased its holdings in PROCEPT BioRobotics by 6.3% in the fourth quarter. Bank of America Corp DE now owns 623,408 shares of the company's stock valued at $50,197,000 after purchasing an additional 36,944 shares during the last quarter. 89.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PRCT shares. Wells Fargo & Company reduced their price target on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Piper Sandler cut their price target on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Oppenheimer upgraded PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 target price on the stock in a research report on Tuesday, September 2nd. Morgan Stanley cut their price target on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Finally, Wall Street Zen raised PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $73.22.

PROCEPT BioRobotics Stock Performance

PROCEPT BioRobotics stock traded down $1.26 during mid-day trading on Wednesday, reaching $38.26. 541,561 shares of the company's stock were exchanged, compared to its average volume of 1,010,911. The business's fifty day simple moving average is $48.03 and its 200 day simple moving average is $54.28. The company has a quick ratio of 7.86, a current ratio of 9.21 and a debt-to-equity ratio of 0.13. PROCEPT BioRobotics Corporation has a one year low of $37.12 and a one year high of $103.81. The firm has a market capitalization of $2.13 billion, a PE ratio of -24.70 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share for the quarter, topping analysts' consensus estimates of ($0.41) by $0.06. The company had revenue of $79.18 million for the quarter, compared to the consensus estimate of $75.67 million. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The firm's quarterly revenue was up 48.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.50) EPS. On average, sell-side analysts expect that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

Insider Transactions at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total value of $1,537,250.00. Following the sale, the director directly owned 14,363 shares in the company, valued at $883,180.87. The trade was a 63.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 17.40% of the stock is owned by corporate insiders.

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).