PROCEPT BioRobotics Corporation $PRCT Stake Raised by T. Rowe Price Investment Management Inc.

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. lifted its holdings in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 43.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,415,403 shares of the company's stock after purchasing 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 filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of PRCT. Envestnet Asset Management Inc. grew its stake in shares of PROCEPT BioRobotics by 130.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 42,202 shares of the company's stock worth $3,398,000 after purchasing an additional 23,861 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of PROCEPT BioRobotics in the fourth quarter worth $1,647,000. Mariner LLC grew its stake in shares of PROCEPT BioRobotics by 40.6% in the fourth quarter. Mariner LLC now owns 8,406 shares of the company's stock worth $677,000 after purchasing an additional 2,429 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of PROCEPT BioRobotics by 8.7% in the fourth quarter. MetLife Investment Management LLC now owns 26,680 shares of the company's stock worth $2,148,000 after purchasing an additional 2,144 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky bought a new position in shares of PROCEPT BioRobotics in the fourth quarter worth $1,030,000. Institutional investors own 89.46% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PRCT. Piper Sandler decreased 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 raised PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Stephens started coverage on PROCEPT BioRobotics in a research note on Wednesday, July 9th. They set an "overweight" rating and a $70.00 target price for the company. Oppenheimer started coverage on PROCEPT BioRobotics in a research note on Monday, July 7th. They set a "market perform" rating for the company. Finally, Morgan Stanley decreased their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $74.88.

PROCEPT BioRobotics Trading Up 0.5%

Shares of NASDAQ:PRCT traded up $0.22 during midday trading on Wednesday, reaching $40.74. The company had a trading volume of 500,546 shares, compared to its average volume of 1,017,455. 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 1-year low of $37.12 and a 1-year high of $103.81. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -26.25 and a beta of 1.05. The company has a fifty day simple moving average of $51.80 and a two-hundred day simple moving average of $56.16.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings results 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. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.The business had revenue of $79.18 million during the quarter, compared to analyst estimates of $75.67 million. During the same quarter last year, the company posted ($0.50) EPS. PROCEPT BioRobotics's revenue for the quarter was up 48.3% on a year-over-year basis. Research analysts predict that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

Insider Transactions at PROCEPT BioRobotics

In related news, Director Antal Rohit Desai sold 25,000 shares of the 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 directly owned 14,363 shares of the company's stock, valued at approximately $883,180.87. This represents a 63.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders sold 100,000 shares of company stock valued at $6,271,250. 17.40% of the stock is currently owned by corporate 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).