Sandler Capital Management Lowers Stock Holdings in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Sandler Capital Management has reduced its stake in PROCEPT BioRobotics Corporation by 32.4%, now owning 35,283 shares valued at approximately $2.06 million.
• PROCEPT BioRobotics reported a 48.3% increase in revenue for the quarter, totaling $79.18 million and exceeding analyst expectations.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for PROCEPT BioRobotics, with a current average price target of $73.22.

Sandler Capital Management reduced its position in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 32.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,283 shares of the company's stock after selling 16,940 shares during the quarter. Sandler Capital Management owned about 0.06% of PROCEPT BioRobotics worth $2,056,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd purchased a new stake in shares of PROCEPT BioRobotics during the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in PROCEPT BioRobotics during the 1st quarter valued at about $40,000. CWM LLC grew its stake in PROCEPT BioRobotics by 69.5% during the 1st quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after acquiring an additional 358 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in PROCEPT BioRobotics by 32.5% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock valued at $64,000 after acquiring an additional 270 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in 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 purchasing an additional 2,591 shares in the last quarter. Hedge funds and other institutional investors own 89.46% of the company's stock.

PROCEPT BioRobotics Trading Up 3.0%

Shares of PROCEPT BioRobotics stock traded up $1.14 during trading hours on Thursday, hitting $38.64. The company's stock had a trading volume of 1,061,570 shares, compared to its average volume of 1,017,739. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of -24.93 and a beta of 1.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.86 and a current ratio of 9.21. PROCEPT BioRobotics Corporation has a twelve month low of $37.10 and a twelve month high of $103.81. The firm has a fifty day moving average of $47.61 and a 200-day moving average of $54.16.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share (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 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%. PROCEPT BioRobotics'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) EPS. Research analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

Analysts Set New Price Targets

PRCT has been the subject of several recent research reports. Wells Fargo & Company cut their price target on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Oppenheimer raised PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 target price for the company in a research note on Tuesday, September 2nd. Wall Street Zen upgraded PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Stephens assumed coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price objective for the company. Finally, Piper Sandler cut 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 report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $73.22.

About PROCEPT BioRobotics

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).