Champlain Investment Partners LLC Grows Stock Holdings in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Champlain Investment Partners LLC increased its stake in PROCEPT BioRobotics by 48.0%, acquiring an additional 219,266 shares during the first quarter, bringing their total to 676,196 shares valued at approximately $39.4 million.
• PROCEPT BioRobotics reported a 48.3% increase in revenue year-over-year, with revenue of $79.18 million and earnings per share of ($0.35), surpassing analysts' expectations.
• Insider trading activity included a 63.51% decrease in ownership for Director Antal Rohit Desai, who sold 25,000 shares for approximately $1.54 million in June.

Champlain Investment Partners LLC grew its stake in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 48.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 676,196 shares of the company's stock after buying an additional 219,266 shares during the period. Champlain Investment Partners LLC owned 1.22% of PROCEPT BioRobotics worth $39,395,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. T. Rowe Price Investment Management Inc. boosted its holdings in shares of PROCEPT BioRobotics by 43.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company's stock valued at $82,462,000 after buying an additional 429,461 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in PROCEPT BioRobotics by 47.9% in the 1st 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 during the last quarter. Westfield Capital Management Co. LP raised its position in PROCEPT BioRobotics by 43.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 748,557 shares of the company's stock valued at $43,611,000 after purchasing an additional 225,894 shares during the last quarter. Bank of America Corp DE raised its position in PROCEPT BioRobotics by 6.3% in the 4th 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. Finally, Summit Partners Public Asset Management LLC raised its position in PROCEPT BioRobotics by 1.6% in the 4th quarter. Summit Partners Public Asset Management LLC now owns 551,767 shares of the company's stock valued at $44,428,000 after purchasing an additional 8,721 shares during the last quarter. Institutional investors and hedge funds own 89.46% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on PRCT shares. Oppenheimer started coverage on shares of PROCEPT BioRobotics in a research report on Monday, July 7th. They issued a "market perform" rating for the company. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Morgan Stanley reduced their price target on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Piper Sandler reduced their price target on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Finally, 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. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $74.88.

Insider Buying and Selling

In related news, Director Antal Rohit Desai sold 25,000 shares of the business's stock in a transaction dated 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 sale, the director owned 14,363 shares of the company's stock, valued at approximately $883,180.87. The trade was a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 100,000 shares of company stock worth $6,271,250 over the last quarter. 6.60% of the stock is currently owned by insiders.

PROCEPT BioRobotics Stock Performance

PROCEPT BioRobotics stock traded down $0.17 during trading hours on Friday, reaching $40.17. 769,202 shares of the stock were exchanged, compared to its average volume of 1,312,234. The stock has a market cap of $2.24 billion, a P/E ratio of -25.92 and a beta of 1.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.86 and a current ratio of 9.21. PROCEPT BioRobotics Corporation has a 52-week low of $37.12 and a 52-week high of $103.81. The firm's 50 day moving average is $50.64 and its 200 day moving average is $55.60.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last announced 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 company had revenue of $79.18 million during 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%. PROCEPT BioRobotics's quarterly revenue was up 48.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.50) EPS. Analysts predict that PROCEPT BioRobotics Corporation will post -1.75 EPS 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).