Sei Investments Co. Sells 8,550 Shares of PROCEPT BioRobotics Corporation $PRCT

Key Points

• Sei Investments Co. reduced its stake in PROCEPT BioRobotics by 9.0%, selling 8,550 shares and maintaining ownership of 86,765 shares, valued at approximately $5.05 million.
• Despite the recent stock drop of 0.6%, PROCEPT BioRobotics reported a revenue of $79.18 million for the quarter, exceeding analysts' expectations.
• Several hedge funds, including Westfield Capital Management, have increased their holdings in PROCEPT BioRobotics, indicating strong institutional interest in the stock.

Sei Investments Co. lowered its position in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 9.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,765 shares of the company's stock after selling 8,550 shares during the quarter. Sei Investments Co. owned 0.16% of PROCEPT BioRobotics worth $5,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PRCT. Baillie Gifford & Co. acquired a new stake in PROCEPT BioRobotics during the 1st quarter valued at approximately $18,287,000. Invesco Ltd. boosted its holdings in shares of PROCEPT BioRobotics by 86.2% during the 4th quarter. Invesco Ltd. now owns 499,949 shares of the company's stock worth $40,256,000 after buying an additional 231,470 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in shares of PROCEPT BioRobotics by 43.2% during the 1st quarter. Westfield Capital Management Co. LP now owns 748,557 shares of the company's stock worth $43,611,000 after buying an additional 225,894 shares in the last quarter. Frontier Capital Management Co. LLC bought a new position in shares of PROCEPT BioRobotics during the 4th quarter worth approximately $18,145,000. Finally, Werba Rubin Papier Wealth Management bought a new position in shares of PROCEPT BioRobotics during the 1st quarter worth approximately $12,235,000. Institutional investors and hedge funds own 89.46% of the company's stock.

Insider Activity

In related news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics stock in a transaction dated 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 completion of 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 legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 100,000 shares of company stock worth $6,271,250. Company insiders own 17.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRCT. Oppenheimer began coverage on PROCEPT BioRobotics in a report on Monday, July 7th. They issued a "market perform" rating on the stock. Wall Street Zen upgraded PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Wells Fargo & Company cut their target price 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 target price 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, Stephens initiated coverage on PROCEPT BioRobotics in a report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $74.88.

PROCEPT BioRobotics Stock Down 1.4%

NASDAQ:PRCT traded down $0.56 during trading hours on Wednesday, hitting $39.16. 183,050 shares of the company traded hands, compared to its average volume of 1,019,851. 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's 50-day simple moving average is $53.87 and its 200-day simple moving average is $57.26. PROCEPT BioRobotics Corporation has a one year low of $37.12 and a one year high of $103.81. The company has a market cap of $2.18 billion, a PE ratio of -25.25 and a beta of 1.05.

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 the consensus estimate 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 analyst estimates of $75.67 million. During the same period last year, the firm posted ($0.50) EPS. The business's revenue was up 48.3% compared to the same quarter last year. Equities analysts predict that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

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).