Wellington Management Group LLP Lowers Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Wellington Management Group LLP reduced its holdings in PROCEPT BioRobotics by 35.5%, selling 528,717 shares during the first quarter, leaving them with approximately 1.74% of the company's stock valued at $56 million.
• Several analysts have lowered their price targets for PROCEPT BioRobotics, with estimates ranging from $55.00 to $84.00, while the stock maintains a consensus target price of $74.88 and an average rating of "Moderate Buy".
• The company's stock price recently increased by 4.8% to $41.23, following a report of a quarterly revenue increase of 48.3% from the previous year.

Wellington Management Group LLP decreased its position in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 35.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 962,235 shares of the company's stock after selling 528,717 shares during the period. Wellington Management Group LLP owned approximately 1.74% of PROCEPT BioRobotics worth $56,060,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. ANTIPODES PARTNERS Ltd bought a new position in PROCEPT BioRobotics during the 1st quarter valued at about $30,000. CWM LLC raised its position in shares of PROCEPT BioRobotics by 69.5% during the first quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after buying an additional 358 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of PROCEPT BioRobotics by 32.5% during the first 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 during the last quarter. IFP Advisors Inc raised its position in shares of PROCEPT BioRobotics by 358.9% during the first quarter. IFP Advisors Inc now owns 3,313 shares of the company's stock valued at $193,000 after buying an additional 2,591 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new stake in shares of PROCEPT BioRobotics during the fourth quarter valued at approximately $207,000. Institutional investors own 89.46% of the company's stock.

Insiders Place Their Bets

In related news, Director Antal Rohit Desai sold 25,000 shares of the company'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 directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 100,000 shares of company stock valued at $6,271,250 over the last ninety days. 6.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PRCT has been the subject of a number of recent research reports. Morgan Stanley cut their target price 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. Wells Fargo & Company dropped 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. Piper Sandler dropped their price objective on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Oppenheimer began coverage on shares of PROCEPT BioRobotics in a research note on Monday, July 7th. They set a "market perform" rating for the company. Finally, Stephens began coverage on shares of PROCEPT BioRobotics in a research note on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, PROCEPT BioRobotics has a consensus rating of "Moderate Buy" and an average price target of $74.88.

PROCEPT BioRobotics Trading Up 0.7%

Shares of PRCT traded up $0.29 during trading hours on Thursday, reaching $41.09. 126,426 shares of the company traded hands, compared to its average volume of 1,013,306. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of -26.38 and a beta of 1.05. PROCEPT BioRobotics Corporation has a 12-month low of $37.12 and a 12-month high of $103.81. The company has a current ratio of 9.21, a quick ratio of 7.86 and a debt-to-equity ratio of 0.13. The stock's fifty day moving average price is $51.42 and its 200 day moving average price is $56.06.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued 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. The firm had revenue of $79.18 million during the quarter, compared to analyst estimates of $75.67 million. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The business's revenue was up 48.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.50) earnings per share. Sell-side analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current 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).