PROCEPT BioRobotics Corporation $PRCT Stock Holdings Lessened by Wellington Management Group LLP

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 reduced its holdings 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 SEC. The fund owned 962,235 shares of the company's stock after selling 528,717 shares during the quarter. Wellington Management Group LLP owned approximately 1.74% of PROCEPT BioRobotics worth $56,060,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of PRCT. ANTIPODES PARTNERS Ltd bought a new position in shares of PROCEPT BioRobotics in the 1st quarter worth about $30,000. CWM LLC lifted its position in shares of PROCEPT BioRobotics by 69.5% in the 1st quarter. CWM LLC now owns 873 shares of the company's stock worth $51,000 after buying an additional 358 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of PROCEPT BioRobotics by 32.5% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock worth $64,000 after buying an additional 270 shares during the last quarter. IFP Advisors Inc lifted its position in shares of PROCEPT BioRobotics by 358.9% in the 1st quarter. IFP Advisors Inc now owns 3,313 shares of the company's stock worth $193,000 after buying an additional 2,591 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new position in shares of PROCEPT BioRobotics in the 4th quarter worth about $207,000. 89.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PRCT shares. Morgan Stanley reduced their price target on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Piper Sandler cut their price objective on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Wells Fargo & Company cut their price objective on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Stephens started coverage on shares of PROCEPT BioRobotics in a research report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price objective on the stock. Finally, Bank of America cut their price objective on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $74.88.

PROCEPT BioRobotics Stock Up 4.8%

PROCEPT BioRobotics stock opened at $41.23 on Friday. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -26.60 and a beta of 1.05. 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 company's 50-day moving average price is $52.59 and its two-hundred day moving average price is $56.70. PROCEPT BioRobotics Corporation has a 52 week low of $37.12 and a 52 week high of $103.81.

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, beating the consensus estimate of ($0.41) by $0.06. The firm had revenue of $79.18 million for the quarter, compared to analysts' expectations of $75.67 million. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. PROCEPT BioRobotics's quarterly revenue was up 48.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.50) EPS. On average, analysts expect that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current fiscal year.

Insider Buying and Selling

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 transaction of $1,537,250.00. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 100,000 shares of company stock worth $6,271,250. 6.60% of the stock is currently owned by company insiders.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.