Price T Rowe Associates Inc. MD Has $61.51 Million Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Price T Rowe Associates Inc. MD increased its stake in PROCEPT BioRobotics by 47.9%, owning over 1 million shares worth approximately $61.5 million.
• A significant portion of PROCEPT BioRobotics' stock, 89.46%, is currently held by hedge funds and institutional investors, indicating strong institutional interest.
• Recent analyst reports show a reduction in price targets for PROCEPT BioRobotics, with a consensus rating of "Moderate Buy" and an average target price of around $74.88.

Price T Rowe Associates Inc. MD lifted its holdings in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 47.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,055,762 shares of the company's stock after purchasing an additional 341,906 shares during the period. Price T Rowe Associates Inc. MD owned 1.91% of PROCEPT BioRobotics worth $61,510,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Candriam S.C.A. acquired a new stake in PROCEPT BioRobotics during the first quarter worth $1,796,000. Osterweis Capital Management Inc. boosted its stake in PROCEPT BioRobotics by 98.0% in the first quarter. Osterweis Capital Management Inc. now owns 173,735 shares of the company's stock worth $10,122,000 after purchasing an additional 85,990 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in PROCEPT BioRobotics by 43.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company's stock worth $82,462,000 after purchasing an additional 429,461 shares in the last quarter. Capital Fund Management S.A. boosted its stake in PROCEPT BioRobotics by 105.1% in the first quarter. Capital Fund Management S.A. now owns 27,371 shares of the company's stock worth $1,595,000 after purchasing an additional 14,023 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of PROCEPT BioRobotics in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 89.46% of the company's stock.

PROCEPT BioRobotics Price Performance

NASDAQ PRCT traded down $0.17 during midday trading on Monday, hitting $40.17. The company had a trading volume of 769,202 shares, compared to its average volume of 1,286,469. The firm has a 50-day moving average price of $50.27 and a 200-day moving average price of $55.32. The company has a market capitalization of $2.24 billion, a PE ratio of -25.92 and a beta of 1.03. PROCEPT BioRobotics Corporation has a twelve month low of $37.12 and a twelve month high of $103.81. The company has a current ratio of 9.21, a quick ratio of 7.86 and a debt-to-equity ratio of 0.13.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share for the quarter, beating analysts' consensus estimates of ($0.41) by $0.06. The firm had revenue of $79.18 million for 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%.The company's revenue was up 48.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.50) EPS. As a group, analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics 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 transaction, the director 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 100,000 shares of company stock worth $6,271,250 in the last quarter. 17.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on PRCT. Piper Sandler cut their price target on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company dropped their price objective on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Oppenheimer assumed coverage on shares of PROCEPT BioRobotics in a report on Monday, July 7th. They set a "market perform" rating for the company. Finally, Morgan Stanley lowered their target price on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, PROCEPT BioRobotics presently has an average rating of "Moderate Buy" and a consensus 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).