PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Position Reduced by Lyell Wealth Management LP

Key Points

• Lyell Wealth Management LP reduced its stake in PROCEPT BioRobotics Corporation by 25%, owning approximately 0.06% of the company valued at $1.83 million after selling 10,490 shares.
• PROCEPT BioRobotics' stock fell by 4.6%, with analysts adjusting price targets and ratings, indicating a consensus price target of $84.13.
• Insider trading activity revealed that Director Antal Rohit Desai sold 25,000 shares for a total of $1.54 million, decreasing his ownership by 63.51%.

Lyell Wealth Management LP decreased its holdings in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 25.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,440 shares of the company's stock after selling 10,490 shares during the quarter. Lyell Wealth Management LP owned about 0.06% of PROCEPT BioRobotics worth $1,832,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. FMR LLC raised its position in shares of PROCEPT BioRobotics by 11.9% in the 4th quarter. FMR LLC now owns 8,159,208 shares of the company's stock worth $656,979,000 after buying an additional 866,328 shares during the period. Vanguard Group Inc. raised its position in PROCEPT BioRobotics by 6.1% in the fourth quarter. Vanguard Group Inc. now owns 5,140,426 shares of the company's stock valued at $413,907,000 after purchasing an additional 297,075 shares during the period. Alliancebernstein L.P. raised its position in PROCEPT BioRobotics by 14.2% in the fourth quarter. Alliancebernstein L.P. now owns 1,752,478 shares of the company's stock valued at $141,110,000 after purchasing an additional 218,148 shares during the period. Wellington Management Group LLP raised its position in PROCEPT BioRobotics by 38.8% in the fourth quarter. Wellington Management Group LLP now owns 1,490,952 shares of the company's stock valued at $120,051,000 after purchasing an additional 416,819 shares during the period. Finally, Geode Capital Management LLC raised its position in PROCEPT BioRobotics by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 1,164,037 shares of the company's stock valued at $93,751,000 after purchasing an additional 57,449 shares during the period. Institutional investors and hedge funds own 89.46% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Oppenheimer initiated coverage on PROCEPT BioRobotics in a research report on Monday, July 7th. They issued a "market perform" rating on the stock. Bank of America lowered their target price on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Truist Financial lowered their target price on PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Wall Street Zen downgraded PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Finally, Morgan Stanley decreased their price target on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.13.

PROCEPT BioRobotics Stock Performance

PRCT stock traded up $1.45 during midday trading on Friday, reaching $49.96. The company had a trading volume of 1,284,652 shares, compared to its average volume of 1,124,982. The company has a quick ratio of 7.75, a current ratio of 8.95 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $58.32 and a 200 day moving average price of $59.99. PROCEPT BioRobotics Corporation has a fifty-two week low of $47.04 and a fifty-two week high of $103.81. The firm has a market capitalization of $2.76 billion, a PE ratio of -29.39 and a beta of 1.07.

Insider Buying and Selling

In other news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics 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 sale, the director owned 14,363 shares of the company's stock, valued at approximately $883,180.87. The trade was a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 100,000 shares of company stock valued at $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).