PROCEPT BioRobotics Corporation $PRCT Position Lessened by Driehaus Capital Management LLC

Key Points

• Driehaus Capital Management LLC has reduced its holdings in PROCEPT BioRobotics Corporation by 59.4%, now owning 129,153 shares worth approximately $7.52 million.
• Insider activity shows Director Antal Rohit Desai sold 25,000 shares for over $1.5 million, indicating a significant decrease in ownership.
• The company's revenue increased by 48.3% year-over-year, generating $79.18 million in the most recent quarter, with an earnings report surpassing analysts' expectations.

Driehaus Capital Management LLC decreased its stake in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 59.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 129,153 shares of the company's stock after selling 188,982 shares during the period. Driehaus Capital Management LLC owned approximately 0.23% of PROCEPT BioRobotics worth $7,524,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in PRCT. Raymond James Financial Inc. acquired a new position in shares of PROCEPT BioRobotics during the fourth quarter valued at approximately $1,647,000. Tower Research Capital LLC TRC boosted its stake in PROCEPT BioRobotics by 187.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,776 shares of the company's stock valued at $224,000 after purchasing an additional 1,809 shares in the last quarter. Stifel Financial Corp increased its position in shares of PROCEPT BioRobotics by 83.0% during the 4th quarter. Stifel Financial Corp now owns 10,307 shares of the company's stock valued at $830,000 after purchasing an additional 4,675 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of PROCEPT BioRobotics by 11.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 65,820 shares of the company's stock worth $5,300,000 after buying an additional 6,785 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of PROCEPT BioRobotics by 15.6% in the fourth quarter. Northern Trust Corp now owns 446,468 shares of the company's stock valued at $35,950,000 after buying an additional 60,098 shares during the period. 89.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PRCT shares. Morgan Stanley lowered their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Stephens started coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 target price 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 research note on Thursday, August 7th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Oppenheimer raised PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 price target on the stock in a report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.22.

PROCEPT BioRobotics Stock Up 1.5%

Shares of PRCT traded up $0.56 during mid-day trading on Thursday, reaching $38.40. The company's stock had a trading volume of 412,474 shares, compared to its average volume of 1,014,160. The business has a fifty day moving average of $49.47 and a 200 day moving average of $55.09. The company has a market cap of $2.14 billion, a price-to-earnings ratio of -24.74 and a beta of 1.03. PROCEPT BioRobotics Corporation has a 1 year low of $37.12 and a 1 year high of $103.81. 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 (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.06. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.The firm had revenue of $79.18 million for the quarter, compared to analyst estimates of $75.67 million. During the same period in the previous year, the firm earned ($0.50) earnings per share. PROCEPT BioRobotics's quarterly revenue was up 48.3% on a year-over-year basis. As a group, analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Antal Rohit Desai sold 25,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 14,363 shares of the company's stock, valued at $883,180.87. This represents a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 17.40% of the stock is owned by company 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).