Principal Financial Group Inc. Reduces Position in PROCEPT BioRobotics Corporation (NASDAQ:PRCT)

Principal Financial Group Inc. decreased its holdings in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 83.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,374 shares of the company's stock after selling 135,339 shares during the quarter. Principal Financial Group Inc.'s holdings in PROCEPT BioRobotics were worth $1,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC increased its holdings in shares of PROCEPT BioRobotics by 11.9% in the fourth quarter. FMR LLC now owns 8,159,208 shares of the company's stock worth $656,979,000 after purchasing an additional 866,328 shares during the period. Wellington Management Group LLP grew 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 worth $120,051,000 after acquiring an additional 416,819 shares in the last quarter. Vanguard Group Inc. grew 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 worth $413,907,000 after acquiring an additional 297,075 shares in the last quarter. Renaissance Technologies LLC purchased a new position in PROCEPT BioRobotics in the fourth quarter worth $22,422,000. Finally, Invesco Ltd. grew its position in PROCEPT BioRobotics by 86.2% in the fourth quarter. Invesco Ltd. now owns 499,949 shares of the company's stock worth $40,256,000 after acquiring an additional 231,470 shares in the last quarter. Institutional investors own 89.46% of the company's stock.

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the firm's stock in a transaction dated 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 sale, the director owned 14,363 shares of the company's stock, valued at $883,180.87. This trade represents 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 available at this hyperlink. Over the last 90 days, insiders sold 100,000 shares of company stock worth $6,271,250. Insiders own 6.60% of the company's stock.

Wall Street Analyst Weigh In

PRCT has been the subject of several analyst reports. Oppenheimer initiated coverage on shares of PROCEPT BioRobotics in a research report on Monday, July 7th. They set a "market perform" rating for the company. Morgan Stanley cut their price target on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Truist Financial cut their price target on shares of PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Stephens initiated coverage on shares of PROCEPT BioRobotics in a research report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price target for the company. Finally, Bank of America cut their price target on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a research report on Friday, April 25th. 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 company's stock. Based on data from MarketBeat.com, PROCEPT BioRobotics currently has an average rating of "Moderate Buy" and a consensus price target of $84.13.

PROCEPT BioRobotics Price Performance

PRCT traded up $1.30 on Wednesday, hitting $60.06. 676,189 shares of the company's stock traded hands, compared to its average volume of 860,250. The company's 50 day simple moving average is $58.90 and its 200-day simple moving average is $61.58. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of -35.33 and a beta of 1.07. PROCEPT BioRobotics Corporation has a one year low of $47.04 and a one year high of $103.81. The company has a current ratio of 8.95, a quick ratio of 7.75 and a debt-to-equity ratio of 0.13.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.04. PROCEPT BioRobotics had a negative net margin of 36.20% and a negative return on equity of 28.09%. The business had revenue of $69.16 million during the quarter, compared to the consensus estimate of $65.39 million. During the same quarter in the prior year, the firm earned ($0.51) EPS. The business's revenue was up 55.5% on a year-over-year basis. As a group, research analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current 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).