PROCEPT BioRobotics Corporation $PRCT Position Lessened by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in PROCEPT BioRobotics by 0.3%, owning approximately 9.27% of the company, valued at around $298.7 million.
• A variety of institutional investors modified their holdings, with CWM LLC boosting their stake by 69.5%, reflecting a significant interest in the company.
• Analysts have mixed reviews on PROCEPT BioRobotics, with a consensus rating of "Moderate Buy" and an average price target of $74.88.

Vanguard Group Inc. reduced its stake in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 0.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,127,137 shares of the company's stock after selling 13,289 shares during the quarter. Vanguard Group Inc. owned about 9.27% of PROCEPT BioRobotics worth $298,707,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PRCT. LPL Financial LLC lifted its position in PROCEPT BioRobotics by 78.7% during the fourth quarter. LPL Financial LLC now owns 9,441 shares of the company's stock worth $760,000 after buying an additional 4,157 shares during the period. Envestnet Asset Management Inc. increased its stake in PROCEPT BioRobotics by 130.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 42,202 shares of the company's stock worth $3,398,000 after acquiring an additional 23,861 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in PROCEPT BioRobotics during the fourth quarter worth about $1,647,000. Summit Investment Advisors Inc. increased its stake in PROCEPT BioRobotics by 11.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,661 shares of the company's stock worth $375,000 after acquiring an additional 483 shares during the last quarter. Finally, Barclays PLC increased its stake in PROCEPT BioRobotics by 234.2% during the fourth quarter. Barclays PLC now owns 156,857 shares of the company's stock worth $12,631,000 after acquiring an additional 109,923 shares during the last quarter. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on PRCT. Bank of America dropped their price target on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Piper Sandler lowered their target price on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Morgan Stanley lowered their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Stephens initiated coverage on PROCEPT BioRobotics in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 target price for the company. Finally, Oppenheimer started coverage on PROCEPT BioRobotics in a research note on Monday, July 7th. They issued a "market perform" rating for the company. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $74.88.

Insider Activity

In related news, Director Antal Rohit Desai sold 25,000 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 14,363 shares of the company's stock, valued at approximately $883,180.87. This trade represents a 63.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 100,000 shares of company stock valued at $6,271,250. Company insiders own 6.60% of the company's stock.

PROCEPT BioRobotics Stock Performance

NASDAQ:PRCT traded down $0.34 during trading hours on Wednesday, reaching $39.38. 784,438 shares of the stock were exchanged, compared to its average volume of 1,023,789. The company has a quick ratio of 7.86, a current ratio of 9.21 and a debt-to-equity ratio of 0.13. The firm has a 50 day simple moving average of $53.87 and a 200-day simple moving average of $57.26. PROCEPT BioRobotics Corporation has a 52 week low of $37.12 and a 52 week high of $103.81. The stock has a market capitalization of $2.19 billion, a P/E ratio of -25.41 and a beta of 1.05.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.35) EPS for the quarter, topping analysts' consensus estimates of ($0.41) by $0.06. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.The company had revenue of $79.18 million for the quarter, compared to the consensus estimate of $75.67 million. During the same quarter last year, the business posted ($0.50) EPS. PROCEPT BioRobotics's quarterly revenue was up 48.3% compared to the same quarter last year. As a group, sell-side analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current fiscal year.

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).