Sit Investment Associates Inc. Buys 13,305 Shares of PROCEPT BioRobotics Corporation $PRCT

Key Points

• Sit Investment Associates Inc. increased its stake in PROCEPT BioRobotics by 103.7% in Q1, holding 26,140 shares valued at $1,523,000 according to a recent SEC filing.
• Several institutional investors also significantly boosted their holdings in PROCEPT BioRobotics, including Russell Investments Group which raised its investment by 124,755.6% during the same quarter.
• PROCEPT BioRobotics' shares are currently rated as a Moderate Buy by analysts, with a consensus target price of $74.88, reflecting strong investor interest and confidence despite recent adjustments in target prices by some firms.

Sit Investment Associates Inc. increased its stake in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 103.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,140 shares of the company's stock after acquiring an additional 13,305 shares during the quarter. Sit Investment Associates Inc.'s holdings in PROCEPT BioRobotics were worth $1,523,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PRCT. Westfield Capital Management Co. LP increased its holdings in PROCEPT BioRobotics by 43.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 748,557 shares of the company's stock valued at $43,611,000 after buying an additional 225,894 shares during the period. Bank of America Corp DE raised its position in shares of PROCEPT BioRobotics by 6.3% in the fourth quarter. Bank of America Corp DE now owns 623,408 shares of the company's stock valued at $50,197,000 after purchasing an additional 36,944 shares during the period. Summit Partners Public Asset Management LLC increased its position in shares of PROCEPT BioRobotics by 1.6% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 551,767 shares of the company's stock worth $44,428,000 after purchasing an additional 8,721 shares during the period. Blair William & Co. IL lifted its position in shares of PROCEPT BioRobotics by 12.5% during the 1st quarter. Blair William & Co. IL now owns 470,286 shares of the company's stock worth $27,399,000 after buying an additional 52,392 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its position in PROCEPT BioRobotics by 60.4% during the fourth quarter. Voloridge Investment Management LLC now owns 454,374 shares of the company's stock valued at $36,586,000 after acquiring an additional 171,029 shares during the last quarter. Institutional investors own 89.46% of the company's stock.

Insider Transactions at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 25,000 shares of the business's stock in a transaction that occurred on 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 transaction, the director directly owned 14,363 shares in the company, valued at approximately $883,180.87. The trade was a 63.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 100,000 shares of company stock worth $6,271,250 in the last three months. Company insiders own 6.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PRCT. Piper Sandler cut their price target on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Wall Street Zen upgraded PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Stephens started coverage on PROCEPT BioRobotics in a research report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 target price on the stock. Oppenheimer started coverage on shares of PROCEPT BioRobotics in a research note on Monday, July 7th. They set a "market perform" rating for the company. Finally, Wells Fargo & Company lowered their target price 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. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, PROCEPT BioRobotics has an average rating of "Moderate Buy" and an average price target of $74.88.

PROCEPT BioRobotics Stock Performance

PROCEPT BioRobotics stock traded up $0.20 during mid-day trading on Thursday, reaching $39.58. The company's stock had a trading volume of 144,344 shares, compared to its average volume of 1,018,157. 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 business has a 50 day moving average price of $53.42 and a 200-day moving average price of $57.13. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of -25.49 and a beta of 1.05. PROCEPT BioRobotics Corporation has a twelve month low of $37.12 and a twelve month high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.41) by $0.06. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The business had revenue of $79.18 million during the quarter, compared to analyst estimates of $75.67 million. During the same period in the prior year, the firm earned ($0.50) earnings per share. The firm's revenue was up 48.3% compared to the same quarter last year. Sell-side analysts predict that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current fiscal 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).