Invesco Ltd. Reduces Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Invesco Ltd. reduced its stakes in PROCEPT BioRobotics by 15.8%, selling 79,122 shares and retaining a total of 420,827 shares valued at $24.5 million.
• Several institutional investors, including Swiss National Bank and Mitsubishi UFJ Asset Management, have notably increased their positions in PROCEPT BioRobotics during the first quarter, indicating growing interest in the company.
• PROCEPT BioRobotics reported a 48.3% year-over-year revenue increase with $79.18 million for the quarter, surpassing analysts' expectations, although it still posted a negative EPS of ($0.35).

Invesco Ltd. trimmed its holdings in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 15.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 420,827 shares of the company's stock after selling 79,122 shares during the quarter. Invesco Ltd. owned 0.76% of PROCEPT BioRobotics worth $24,517,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Swiss National Bank increased its position in shares of PROCEPT BioRobotics by 2.6% during the first quarter. Swiss National Bank now owns 99,600 shares of the company's stock worth $5,803,000 after acquiring an additional 2,500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in PROCEPT BioRobotics by 107.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 76,376 shares of the company's stock valued at $4,450,000 after buying an additional 39,516 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in PROCEPT BioRobotics by 43.2% in the first quarter. Westfield Capital Management Co. LP now owns 748,557 shares of the company's stock valued at $43,611,000 after buying an additional 225,894 shares during the last quarter. Evolutionary Tree Capital Management LLC increased its holdings in PROCEPT BioRobotics by 20.9% in the first quarter. Evolutionary Tree Capital Management LLC now owns 73,867 shares of the company's stock valued at $4,303,000 after buying an additional 12,749 shares during the last quarter. Finally, Blair William & Co. IL increased its holdings in PROCEPT BioRobotics by 12.5% in the first quarter. Blair William & Co. IL now owns 470,286 shares of the company's stock valued at $27,399,000 after buying an additional 52,392 shares during the last quarter. 89.46% of the stock is owned by hedge funds and other institutional investors.

PROCEPT BioRobotics Stock Performance

Shares of PRCT stock opened at $39.38 on Thursday. 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 50 day moving average of $53.42 and a two-hundred day moving average of $57.13. PROCEPT BioRobotics Corporation has a 52 week low of $37.12 and a 52 week high of $103.81. The company has a market cap of $2.19 billion, a P/E 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) EPS for the quarter, beating 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 return on equity of 23.73% and a negative net margin of 30.60%.PROCEPT BioRobotics's quarterly revenue was up 48.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.50) earnings per share. As a group, analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PRCT. Bank of America lowered their price objective on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a report on Friday, April 25th. Morgan Stanley lowered their price objective on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Wells Fargo & Company lowered 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. Oppenheimer began coverage on PROCEPT BioRobotics in a report on Monday, July 7th. They issued a "market perform" rating for the company. Finally, Wall Street Zen raised PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $74.88.

Insider Activity

In other news, Director Antal Rohit Desai sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the completion of the transaction, the director directly 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 filing with the SEC, which is accessible through the SEC website. Insiders sold 100,000 shares of company stock worth $6,271,250 in the last three months. Insiders own 6.60% of the company's stock.

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).

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