Lord Abbett & CO. LLC Has $31.74 Million Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Lord Abbett & CO. LLC reduced its stake in PROCEPT BioRobotics by 12.9%, owning 544,741 shares worth approximately $31.7 million after selling 80,479 shares in the first quarter.
• Other large investors increased their holdings significantly, with LPL Financial LLC raising its stake by 78.7% and Envestnet Asset Management Inc. by 130.1% in the fourth quarter, indicating growing interest in the company.
• Analysts have mixed ratings for PROCEPT BioRobotics, with average price targets ranging from $58.00 to $74.88, reflecting varied expectations about the stock's future performance.

Lord Abbett & CO. LLC decreased its position in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 12.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 544,741 shares of the company's stock after selling 80,479 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.98% of PROCEPT BioRobotics worth $31,736,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PRCT. Sit Investment Associates Inc. raised its position in shares of PROCEPT BioRobotics by 103.7% during the first quarter. Sit Investment Associates Inc. now owns 26,140 shares of the company's stock worth $1,523,000 after acquiring an additional 13,305 shares during the last quarter. Russell Investments Group Ltd. lifted its position in PROCEPT BioRobotics by 124,755.6% during the 1st quarter. Russell Investments Group Ltd. now owns 44,948 shares of the company's stock valued at $2,619,000 after purchasing an additional 44,912 shares during the period. Nuveen LLC bought a new position in shares of PROCEPT BioRobotics in the 1st quarter valued at about $11,302,000. Entropy Technologies LP acquired a new stake in shares of PROCEPT BioRobotics during the 1st quarter worth approximately $414,000. Finally, Swiss National Bank raised its stake 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 buying an additional 2,500 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at PROCEPT BioRobotics

In related news, Director Antal Rohit Desai sold 25,000 shares of the stock in a transaction dated 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. 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 can be accessed through this hyperlink. Insiders sold 100,000 shares of company stock worth $6,271,250 over the last ninety days. 17.40% of the stock is owned by corporate insiders.

PROCEPT BioRobotics Stock Down 2.0%

PRCT traded down $0.8120 during trading on Wednesday, reaching $38.9080. The company had a trading volume of 165,683 shares, compared to its average volume of 1,019,738. The company has a market cap of $2.16 billion, a P/E ratio of -25.12 and a beta of 1.05. PROCEPT BioRobotics Corporation has a 12 month low of $37.12 and a 12 month high of $103.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86. The business's fifty day moving average price is $53.87 and its 200 day moving average price is $57.26.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued 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 business had revenue of $79.18 million for the quarter, compared to analyst estimates of $75.67 million. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The firm's quarterly revenue was up 48.3% on a year-over-year basis. During the same period last year, the business posted ($0.50) earnings per share. Equities analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

Wall Street Analysts Forecast Growth

PRCT has been the topic of a number of recent research reports. Wall Street Zen raised shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Bank of America dropped 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 reduced 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. Piper Sandler reduced their price objective 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. Finally, Oppenheimer started coverage on shares of PROCEPT BioRobotics in a research note on Monday, July 7th. They issued a "market perform" rating for the company. 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 data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $74.88.

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).