Northern Trust Corp Sells 13,521 Shares of PROCEPT BioRobotics Corporation $PRCT

Key Points

• Northern Trust Corp reduced its stake in PROCEPT BioRobotics by 3.0%, selling 13,521 shares, and now owns 432,947 shares valued at approximately $25.2 million.
• PROCEPT BioRobotics reported an earnings beat with an EPS of ($0.35) compared to estimates of ($0.41), along with a 48.3% year-over-year revenue increase to $79.18 million.
• Hedge funds and institutional investors hold 89.46% of PROCEPT BioRobotics' stock, showing significant interest from these investor types.

Northern Trust Corp decreased its stake in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 3.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 432,947 shares of the company's stock after selling 13,521 shares during the period. Northern Trust Corp owned approximately 0.78% of PROCEPT BioRobotics worth $25,223,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PRCT. Ensign Peak Advisors Inc grew its holdings in PROCEPT BioRobotics by 1.1% in the fourth quarter. Ensign Peak Advisors Inc now owns 14,165 shares of the company's stock worth $1,141,000 after purchasing an additional 150 shares during the period. Nisa Investment Advisors LLC grew its holdings in PROCEPT BioRobotics by 32.5% in the first quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock worth $64,000 after purchasing an additional 270 shares during the period. CWM LLC grew its holdings in PROCEPT BioRobotics by 69.5% in the first quarter. CWM LLC now owns 873 shares of the company's stock worth $51,000 after purchasing an additional 358 shares during the period. Arizona State Retirement System grew its holdings in PROCEPT BioRobotics by 3.2% in the first quarter. Arizona State Retirement System now owns 14,737 shares of the company's stock worth $859,000 after purchasing an additional 452 shares during the period. Finally, ANTIPODES PARTNERS Ltd purchased a new stake in PROCEPT BioRobotics in the first quarter worth about $30,000. Hedge funds and other institutional investors own 89.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Morgan Stanley dropped their target price on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Stephens assumed coverage on shares of PROCEPT BioRobotics in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 target price on the stock. Piper Sandler dropped 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. Finally, Oppenheimer upgraded shares of PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 target price on the stock in a research note on Tuesday. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, PROCEPT BioRobotics presently has an average rating of "Moderate Buy" and an average price target of $73.22.

PROCEPT BioRobotics Stock Performance

PROCEPT BioRobotics stock traded up $2.34 during midday trading on Friday, reaching $40.68. 911,642 shares of the company traded hands, compared to its average volume of 1,033,293. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of -26.25 and a beta of 1.03. The business has a 50 day moving average of $48.74 and a two-hundred day moving average of $54.70. 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.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released 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. The business had revenue of $79.18 million for the quarter, compared to the consensus estimate of $75.67 million. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The company's quarterly revenue was up 48.3% on a year-over-year basis. During the same period last year, the firm earned ($0.50) earnings per share. As a group, research analysts predict that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Antal Rohit Desai sold 25,000 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were 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 of the company's stock, 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 legal filing with the SEC, which is accessible through this link. 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).