Charles Schwab Investment Management Inc. Sells 9,391 Shares of PROCEPT BioRobotics Corporation $PRCT

Key Points

• Charles Schwab Investment Management Inc. has reduced its holdings in PROCEPT BioRobotics Corporation by 2.2%, selling 9,391 shares and retaining a total of 417,043 shares valued at approximately $24.3 million.
• Insider trading was notable, with Director Antal Rohit Desai selling 25,000 shares for over $1.5 million, leading to a significant decrease in their ownership of the stock.
• PROCEPT BioRobotics recently reported earnings per share of ($0.35), exceeding analyst expectations and showing a year-over-year revenue increase of 48.3%.

Charles Schwab Investment Management Inc. reduced its holdings in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 2.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 417,043 shares of the company's stock after selling 9,391 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.75% of PROCEPT BioRobotics worth $24,297,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Ensign Peak Advisors Inc increased its position in PROCEPT BioRobotics by 1.1% in the fourth quarter. Ensign Peak Advisors Inc now owns 14,165 shares of the company's stock worth $1,141,000 after buying an additional 150 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of PROCEPT BioRobotics by 32.5% in the first quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock worth $64,000 after purchasing an additional 270 shares during the period. CWM LLC increased its holdings in shares of PROCEPT BioRobotics by 69.5% in the first quarter. CWM LLC now owns 873 shares of the company's stock worth $51,000 after purchasing an additional 358 shares during the period. Arizona State Retirement System increased its holdings in shares of PROCEPT BioRobotics by 3.2% in the first quarter. Arizona State Retirement System now owns 14,737 shares of the company's stock worth $859,000 after purchasing an additional 452 shares during the period. Finally, ANTIPODES PARTNERS Ltd bought a new stake in shares of PROCEPT BioRobotics during the 1st quarter worth $30,000. 89.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Antal Rohit Desai sold 25,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $61.49, for a total value of $1,537,250.00. Following the sale, the director owned 14,363 shares in the company, valued at approximately $883,180.87. The trade was a 63.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 100,000 shares of company stock valued at $6,271,250 in the last quarter. Insiders own 6.60% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on PRCT. Bank of America reduced their target price on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Oppenheimer initiated coverage on PROCEPT BioRobotics in a report on Monday, July 7th. They issued a "market perform" rating for the company. Wells Fargo & Company decreased their price objective on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Finally, Piper Sandler dropped their target price on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, PROCEPT BioRobotics presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.88.

PROCEPT BioRobotics Price Performance

Shares of NASDAQ:PRCT opened at $39.38 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.86 and a current ratio of 9.21. The firm has a fifty day moving average price of $53.42 and a 200 day moving average price of $57.13. PROCEPT BioRobotics Corporation has a fifty-two week low of $37.12 and a fifty-two week high of $103.81. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -25.41 and a beta of 1.05.

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, topping analysts' consensus estimates of ($0.41) by $0.06. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The firm had revenue of $79.18 million during the quarter, compared to analyst estimates of $75.67 million. During the same quarter in the prior year, the business earned ($0.50) earnings per share. PROCEPT BioRobotics's revenue for the quarter was up 48.3% on a year-over-year basis. As a group, sell-side 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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