T. Rowe Price Investment Management Inc. Grows Stake in PROCEPT BioRobotics Corporation $PRCT

T. Rowe Price Investment Management Inc. lifted its stake in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) by 43.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,415,403 shares of the company’s stock after acquiring an additional 429,461 shares during the period. T. Rowe Price Investment Management Inc.’s holdings in PROCEPT BioRobotics were worth $82,462,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of PROCEPT BioRobotics by 9.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,779 shares of the company’s stock worth $527,000 after acquiring an additional 723 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of PROCEPT BioRobotics by 7,021.1% during the 1st quarter. GAMMA Investing LLC now owns 6,409 shares of the company’s stock worth $373,000 after acquiring an additional 6,319 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of PROCEPT BioRobotics by 50.7% during the 1st quarter. Bessemer Group Inc. now owns 10,900 shares of the company’s stock worth $635,000 after acquiring an additional 3,665 shares during the last quarter. Mariner LLC lifted its holdings in shares of PROCEPT BioRobotics by 40.6% during the 4th quarter. Mariner LLC now owns 8,406 shares of the company’s stock worth $677,000 after acquiring an additional 2,429 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of PROCEPT BioRobotics by 5.0% during the 1st quarter. Rhumbline Advisers now owns 64,373 shares of the company’s stock worth $3,750,000 after acquiring an additional 3,077 shares during the last quarter. 89.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Piper Sandler dropped their price objective on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an “overweight” rating for the company in a report on Thursday, August 7th. Morgan Stanley dropped 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. Oppenheimer assumed coverage on shares of PROCEPT BioRobotics in a report on Monday, July 7th. They set a “market perform” rating for the company. Stephens assumed coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They set an “overweight” rating and a $70.00 price objective for the company. Finally, Bank of America dropped their price objective on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a “buy” rating for the company in a report on Friday, April 25th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $74.88.

PROCEPT BioRobotics Stock Performance

PROCEPT BioRobotics stock opened at $41.23 on Friday. 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 company has a market capitalization of $2.29 billion, a PE ratio of -26.60 and a beta of 1.05. The firm has a fifty day simple moving average of $52.59 and a two-hundred day simple moving average of $56.70. PROCEPT BioRobotics Corporation has a twelve month low of $37.12 and a twelve month high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.06. The business had revenue of $79.18 million during the quarter, compared to the consensus estimate of $75.67 million. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The firm’s revenue for the quarter was up 48.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.50) earnings per share. Research analysts expect that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

Insider Activity at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 100,000 shares of company stock worth $6,271,250 over the last ninety days. Corporate insiders own 6.60% of the company’s stock.

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).