Allspring Global Investments Holdings LLC Cuts Stake in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in PROCEPT BioRobotics by 20.7%, now owning approximately 0.14% of the company, valued at $4.35 million.
• Several institutional investors increased their holdings in PROCEPT BioRobotics, with T. Rowe Price growing its position by 43.6% and Millennium Management by 88.6% in the first quarter.
• Wall Street analysts have mixed ratings for PROCEPT BioRobotics, with a consensus price target of $67.50 and a current average rating of "Moderate Buy."

Allspring Global Investments Holdings LLC lowered its holdings in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 20.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,489 shares of the company's stock after selling 19,765 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.14% of PROCEPT BioRobotics worth $4,348,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PRCT. T. Rowe Price Investment Management Inc. grew its position in shares of PROCEPT BioRobotics by 43.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company's stock worth $82,462,000 after purchasing an additional 429,461 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of PROCEPT BioRobotics by 22.3% in the first quarter. Alliancebernstein L.P. now owns 2,143,693 shares of the company's stock valued at $124,892,000 after purchasing an additional 391,215 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of PROCEPT BioRobotics by 47.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,055,762 shares of the company's stock valued at $61,510,000 after purchasing an additional 341,906 shares in the last quarter. Baillie Gifford & Co. purchased a new position in shares of PROCEPT BioRobotics in the first quarter valued at $18,287,000. Finally, Millennium Management LLC grew its holdings in shares of PROCEPT BioRobotics by 88.6% in the first quarter. Millennium Management LLC now owns 542,987 shares of the company's stock valued at $31,634,000 after purchasing an additional 255,140 shares in the last quarter. Hedge funds and other institutional investors own 89.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Wells Fargo & Company cut their target price 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. Wall Street Zen upgraded PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Stephens initiated coverage on PROCEPT BioRobotics in a report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 target price for the company. Oppenheimer upgraded PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 target price for the company in a report on Tuesday, September 2nd. Finally, BTIG Research restated a "neutral" rating on shares of PROCEPT BioRobotics in a report on Tuesday, September 16th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, PROCEPT BioRobotics presently has an average rating of "Moderate Buy" and a consensus price target of $67.50.

PROCEPT BioRobotics Trading Up 5.3%

Shares of NASDAQ PRCT opened at $34.72 on Tuesday. The company has a quick ratio of 7.86, a current ratio of 9.21 and a debt-to-equity ratio of 0.13. The business has a fifty day simple moving average of $37.64 and a two-hundred day simple moving average of $49.38. The firm has a market cap of $1.93 billion, a PE ratio of -22.40 and a beta of 0.99. PROCEPT BioRobotics Corporation has a twelve month low of $32.11 and a twelve month high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share for the quarter, beating analysts' consensus estimates of ($0.41) by $0.06. The business had revenue of $79.18 million during the quarter, compared to analyst estimates of $75.67 million. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.PROCEPT BioRobotics's revenue was up 48.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.50) EPS. Analysts expect that PROCEPT BioRobotics Corporation 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).

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