Kovitz Investment Group Partners LLC Takes $2.15 Million Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Kovitz Investment Group Partners LLC has made a new investment of approximately $2.15 million in PROCEPT BioRobotics Corporation, acquiring 36,823 shares during the first quarter.
• The company reported a revenue increase of 48.3% year-over-year, with earnings per share beating analysts' expectations by $0.06.
• PROCEPT BioRobotics has received several rating adjustments from analysts, with a consensus rating of "Moderate Buy" and an average price target of $74.88.

Kovitz Investment Group Partners LLC acquired a new stake in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 36,823 shares of the company's stock, valued at approximately $2,145,000. Kovitz Investment Group Partners LLC owned approximately 0.07% of PROCEPT BioRobotics as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PRCT. Westfield Capital Management Co. LP increased its holdings in shares of PROCEPT BioRobotics by 43.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 748,557 shares of the company's stock worth $43,611,000 after purchasing an additional 225,894 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of PROCEPT BioRobotics by 6.3% during the fourth 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 in the last quarter. Summit Partners Public Asset Management LLC boosted its position in shares of PROCEPT BioRobotics by 1.6% during the fourth quarter. Summit Partners Public Asset Management LLC now owns 551,767 shares of the company's stock valued at $44,428,000 after buying an additional 8,721 shares during the last quarter. Blair William & Co. IL boosted its position in shares of PROCEPT BioRobotics by 12.5% during 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. Finally, Voloridge Investment Management LLC increased its holdings in PROCEPT BioRobotics by 60.4% in the 4th quarter. Voloridge Investment Management LLC now owns 454,374 shares of the company's stock worth $36,586,000 after buying an additional 171,029 shares in the last quarter. Institutional investors own 89.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PRCT. Piper Sandler lowered 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. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Oppenheimer began coverage on shares of PROCEPT BioRobotics in a report on Monday, July 7th. They issued a "market perform" rating on the stock. Morgan Stanley cut their target price 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. Finally, Wells Fargo & Company lowered their price target on PROCEPT BioRobotics from $75.00 to $58.00 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. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $74.88.

PROCEPT BioRobotics Stock Performance

NASDAQ PRCT traded up $1.88 during trading hours on Friday, hitting $41.23. 727,270 shares of the company's stock traded hands, compared to its average volume of 1,423,619. PROCEPT BioRobotics Corporation has a 52 week low of $37.12 and a 52 week high of $103.81. The firm has a market capitalization of $2.29 billion, a P/E ratio of -26.60 and a beta of 1.05. 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 business's fifty day moving average price is $52.59 and its two-hundred day moving average price is $56.48.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $79.18 million for the quarter, compared to analysts' expectations of $75.67 million. During the same quarter last year, the company posted ($0.50) EPS. The company's revenue was up 48.3% compared to the same quarter last year. Equities research analysts predict that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

Insider Buying and Selling

In other news, Director Antal Rohit Desai sold 25,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $61.49, for a total value of $1,537,250.00. Following the transaction, the director owned 14,363 shares of the company's stock, valued at $883,180.87. This trade represents 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 through this hyperlink. Insiders sold a total of 100,000 shares of company stock valued at $6,271,250 in the last three months. Corporate insiders own 17.40% of the company's stock.

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).