T. Rowe Price Investment Management Inc. Purchases 429,461 Shares of PROCEPT BioRobotics Corporation $PRCT

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in PROCEPT BioRobotics Corporation by 43.6%, owning 1,415,403 shares valued at approximately $82.46 million as of the last quarter.
• PROCEPT BioRobotics recently reported a 48.3% year-over-year revenue increase with quarterly revenue of $79.18 million, significantly beating analysts' expectations.
• Wall Street analysts view PROCEPT BioRobotics favorably, with a consensus rating of "Moderate Buy" and an average target price of $74.88, despite some recent adjustments in price objectives.

T. Rowe Price Investment Management Inc. raised its holdings in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 43.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,415,403 shares of the company's stock after buying an additional 429,461 shares during the quarter. T. Rowe Price Investment Management Inc. owned 2.56% of PROCEPT BioRobotics worth $82,462,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of PRCT. Baillie Gifford & Co. bought a new stake in PROCEPT BioRobotics in the 1st quarter valued at about $18,287,000. Westfield Capital Management Co. LP boosted its holdings in PROCEPT BioRobotics by 43.2% in the first quarter. Westfield Capital Management Co. LP now owns 748,557 shares of the company's stock worth $43,611,000 after acquiring an additional 225,894 shares in the last quarter. Frontier Capital Management Co. LLC acquired a new stake in PROCEPT BioRobotics in the fourth quarter valued at approximately $18,145,000. Werba Rubin Papier Wealth Management bought a new stake in shares of PROCEPT BioRobotics during the first quarter valued at approximately $12,235,000. Finally, Millennium Management LLC lifted its holdings in shares of PROCEPT BioRobotics by 240.2% in the 4th quarter. Millennium Management LLC now owns 287,847 shares of the company's stock worth $23,177,000 after purchasing an additional 203,241 shares in the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Oppenheimer assumed coverage on shares of PROCEPT BioRobotics in a research note on Monday, July 7th. They set a "market perform" rating for the company. Morgan Stanley reduced their price objective 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. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Stephens began coverage on shares of PROCEPT BioRobotics in a research report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price target on the stock. Finally, Wells Fargo & Company decreased their price objective on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from 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 down $0.16 during midday trading on Thursday, reaching $40.64. The stock had a trading volume of 142,670 shares, compared to its average volume of 1,013,485. The firm has a market capitalization of $2.26 billion, a PE ratio of -26.24 and a beta of 1.05. 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 moving average price is $51.42 and its 200 day moving average price is $56.06. PROCEPT BioRobotics Corporation has a 12 month low of $37.12 and a 12 month high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share for the quarter, beating analysts' consensus estimates of ($0.41) by $0.06. The business 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%. PROCEPT BioRobotics's revenue was up 48.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.50) EPS. As a group, research analysts predict that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Antal Rohit Desai sold 25,000 shares of the stock in a transaction 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 transaction, the director owned 14,363 shares of the company's stock, valued at $883,180.87. This represents a 63.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 100,000 shares of company stock valued at $6,271,250. 6.60% of the stock is owned by insiders.

PROCEPT BioRobotics 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).