Baird Financial Group Inc. Has $4.09 Million Stock Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Baird Financial Group Inc. increased its stake in PROCEPT BioRobotics Corporation by 29.3%, acquiring 15,880 additional shares, bringing its total ownership to 70,117 shares valued at approximately $4.08 million.
• PROCEPT BioRobotics reported an earnings per share (EPS) of ($0.35) for the last quarter, exceeding analysts' expectations, with a revenue of $79.18 million, up 48.3% year-over-year.
• Analysts have mixed views on PROCEPT BioRobotics' stock, with price targets ranging from $55.00 to $70.00, reflecting a consensus rating of "Moderate Buy".

Baird Financial Group Inc. increased its position in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 29.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,117 shares of the company's stock after purchasing an additional 15,880 shares during the period. Baird Financial Group Inc. owned 0.13% of PROCEPT BioRobotics worth $4,085,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRCT. Stifel Financial Corp raised its holdings in PROCEPT BioRobotics by 83.0% during the fourth quarter. Stifel Financial Corp now owns 10,307 shares of the company's stock worth $830,000 after purchasing an additional 4,675 shares in the last quarter. Northern Trust Corp raised its holdings in PROCEPT BioRobotics by 15.6% during the fourth quarter. Northern Trust Corp now owns 446,468 shares of the company's stock worth $35,950,000 after purchasing an additional 60,098 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of PROCEPT BioRobotics in the 4th quarter worth approximately $11,500,000. Bank of America Corp DE grew its stake in shares of PROCEPT BioRobotics by 6.3% in the 4th quarter. Bank of America Corp DE now owns 623,408 shares of the company's stock worth $50,197,000 after purchasing an additional 36,944 shares during the last quarter. Finally, BOKF NA bought a new stake in PROCEPT BioRobotics during the fourth quarter worth approximately $936,000. Institutional investors own 89.46% of the company's stock.

Insider Activity at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 25,000 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the transaction, the director owned 14,363 shares in the company, valued at $883,180.87. This represents a 63.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 17.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PRCT. Oppenheimer upgraded shares of 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. 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 research report on Thursday, August 7th. Piper Sandler cut their target price on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Morgan Stanley reduced their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Finally, 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. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $73.22.

PROCEPT BioRobotics Stock Down 4.3%

PRCT stock traded down $1.76 during midday trading on Monday, reaching $38.92. The company had a trading volume of 903,125 shares, compared to its average volume of 961,611. PROCEPT BioRobotics Corporation has a 1 year low of $37.12 and a 1 year high of $103.81. The company has a current ratio of 9.21, a quick ratio of 7.86 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $2.17 billion, a P/E ratio of -25.11 and a beta of 1.03. The company has a 50 day moving average of $48.37 and a two-hundred day moving average of $54.38.

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

About PROCEPT BioRobotics

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).