Westfield Capital Management Co. LP Raises Stock Holdings in PROCEPT BioRobotics Corporation (NASDAQ:PRCT)

Key Points

• Westfield Capital Management Co. LP increased its stake in PROCEPT BioRobotics by 43.2%, now owning around 1.35% of the company, valued at approximately $43.6 million.
• Several other institutional investors have also adjusted their holdings in PROCEPT BioRobotics, with hedge funds and other institutions owning 89.46% of the stock.
• Wall Street analysts have mixed views on PROCEPT BioRobotics, with seven buy ratings, two hold ratings, and one sell rating, reflecting a consensus rating of "Moderate Buy".

Westfield Capital Management Co. LP raised its stake in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 43.2% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 748,557 shares of the company's stock after buying an additional 225,894 shares during the period. Westfield Capital Management Co. LP owned about 1.35% of PROCEPT BioRobotics worth $43,611,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. FMR LLC grew its holdings in PROCEPT BioRobotics by 11.9% in the fourth quarter. FMR LLC now owns 8,159,208 shares of the company's stock valued at $656,979,000 after purchasing an additional 866,328 shares during the period. Geode Capital Management LLC increased its holdings in PROCEPT BioRobotics by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 1,164,037 shares of the company's stock worth $93,751,000 after acquiring an additional 57,449 shares in the last quarter. Federated Hermes Inc. grew its position in shares of PROCEPT BioRobotics by 30.0% in the fourth quarter. Federated Hermes Inc. now owns 658,130 shares of the company's stock valued at $52,993,000 after purchasing an additional 151,904 shares during the period. Bank of America Corp DE increased its stake in shares of PROCEPT BioRobotics by 6.3% during the fourth quarter. Bank of America Corp DE now owns 623,408 shares of the company's stock worth $50,197,000 after purchasing an additional 36,944 shares in the last quarter. Finally, Summit Partners Public Asset Management LLC lifted its stake in PROCEPT BioRobotics by 1.6% in the 4th quarter. Summit Partners Public Asset Management LLC now owns 551,767 shares of the company's stock valued at $44,428,000 after buying an additional 8,721 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company's stock.

Insider Buying and Selling at PROCEPT BioRobotics

In related news, Director Antal Rohit Desai sold 25,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total value of $1,537,250.00. Following the transaction, the director owned 14,363 shares of the company's stock, valued at $883,180.87. This represents a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold 100,000 shares of company stock worth $6,271,250 in the last 90 days. 6.60% of the stock is currently owned by corporate insiders.

PROCEPT BioRobotics Trading Down 13.4%

Shares of PRCT traded down $6.10 during midday trading on Thursday, hitting $39.59. 4,918,302 shares of the stock were exchanged, compared to its average volume of 1,253,861. The stock has a fifty day simple moving average of $57.37 and a 200 day simple moving average of $59.12. PROCEPT BioRobotics Corporation has a 52-week low of $37.12 and a 52-week high of $103.81. The firm has a market cap of $2.19 billion, a P/E ratio of -25.54 and a beta of 1.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.75 and a current ratio of 8.95.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last announced its 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. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 24.45%. The firm had revenue of $79.18 million for the quarter, compared to the consensus estimate of $75.67 million. During the same period in the prior year, the firm earned ($0.50) EPS. The firm's revenue for the quarter was up 48.3% on a year-over-year basis. On average, research analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on PRCT. Truist Financial dropped their price target on PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Morgan Stanley cut their price objective on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Bank of America lowered their target price on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Wall Street Zen downgraded PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Finally, Oppenheimer began coverage on shares of PROCEPT BioRobotics in a research report on Monday, July 7th. They set a "market perform" rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $74.88.

PROCEPT BioRobotics 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).