Comerica Bank Increases Stock Holdings in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Comerica Bank significantly increased its stake in PROCEPT BioRobotics Corporation by 94.6%, acquiring a total of 235,803 shares valued at approximately $13.7 million.
• Analysts have set a consensus price target of $74.88 for PROCEPT BioRobotics, with seven ratings labeled as "Buy" and two as "Hold."
• PROCEPT BioRobotics reported a 48.3% increase in revenue compared to the same quarter last year, achieving $79.18 million, while also beating EPS expectations by $0.06.

Comerica Bank grew its holdings in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 94.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 235,803 shares of the company's stock after purchasing an additional 114,645 shares during the period. Comerica Bank owned about 0.43% of PROCEPT BioRobotics worth $13,738,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. ANTIPODES PARTNERS Ltd acquired a new stake in PROCEPT BioRobotics in the first quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in PROCEPT BioRobotics during the first quarter valued at approximately $40,000. CWM LLC grew its holdings in PROCEPT BioRobotics by 69.5% in the first quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after purchasing an additional 358 shares during the period. Nisa Investment Advisors LLC grew its holdings in PROCEPT BioRobotics by 32.5% in the first quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock valued at $64,000 after purchasing an additional 270 shares during the period. Finally, IFP Advisors Inc grew its holdings in PROCEPT BioRobotics by 358.9% in the first quarter. IFP Advisors Inc now owns 3,313 shares of the company's stock valued at $193,000 after purchasing an additional 2,591 shares during the period. Institutional investors own 89.46% of the company's stock.

Insider Activity 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 stock was 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 of the company's stock, valued at $883,180.87. This represents a 63.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders sold 100,000 shares of company stock valued at $6,271,250. 6.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Oppenheimer began coverage on PROCEPT BioRobotics in a report on Monday, July 7th. They issued a "market perform" rating on the stock. Stephens began coverage on PROCEPT BioRobotics in a report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price target on the stock. Wells Fargo & Company cut their price target on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. 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 report on Thursday, August 7th. Finally, Morgan Stanley cut their price target on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $74.88.

PROCEPT BioRobotics Stock Down 1.1%

Shares of PRCT traded down $0.46 during mid-day trading on Thursday, reaching $40.34. The company's stock had a trading volume of 688,365 shares, compared to its average volume of 1,334,868. PROCEPT BioRobotics Corporation has a 12-month low of $37.12 and a 12-month high of $103.81. The stock has a market cap of $2.24 billion, a PE ratio of -26.03 and a beta of 1.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86. The company's 50 day moving average is $51.04 and its 200 day moving average is $55.86.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $79.18 million during the quarter, compared to analysts' expectations of $75.67 million. During the same period in the prior year, the firm earned ($0.50) EPS. The business's revenue was up 48.3% on a year-over-year basis. Equities analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current fiscal year.

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).