Price T Rowe Associates Inc. MD Raises 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 stake in shares of 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 & 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 quarter.

Other hedge funds have also bought and sold shares of the company. ANTIPODES PARTNERS Ltd purchased a new position in PROCEPT BioRobotics in the 1st quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in PROCEPT BioRobotics in the 1st quarter valued at approximately $40,000. CWM LLC grew its stake in PROCEPT BioRobotics by 69.5% in the 1st quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after buying an additional 358 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in PROCEPT BioRobotics by 32.5% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock valued at $64,000 after buying an additional 270 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new position in PROCEPT BioRobotics in the 4th quarter valued at approximately $207,000. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at PROCEPT BioRobotics

In related news, Director Antal Rohit Desai sold 25,000 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $61.49, for a total value 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. The trade was a 63.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 100,000 shares of company stock valued at $6,271,250 in the last ninety days. 17.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PRCT shares. Morgan Stanley reduced their price objective on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Wells Fargo & Company reduced their price objective on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. 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. Stephens initiated coverage on shares of PROCEPT BioRobotics in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price objective for the company. Finally, Piper Sandler reduced their price target on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, PROCEPT BioRobotics presently has a consensus rating of "Moderate Buy" and an average target price of $74.88.

PROCEPT BioRobotics Price Performance

NASDAQ:PRCT opened at $40.52 on Wednesday. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of -26.14 and a beta of 1.05. PROCEPT BioRobotics Corporation has a 52-week low of $37.12 and a 52-week high of $103.81. The stock has a fifty day moving average of $51.80 and a 200 day moving average of $56.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.86 and a current ratio of 9.21.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.06. The company had revenue of $79.18 million during the quarter, compared to analyst estimates of $75.67 million. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.The firm's quarterly revenue was up 48.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.50) earnings per share. On average, research analysts expect that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current fiscal year.

About PROCEPT BioRobotics

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).

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