Summit Partners Public Asset Management LLC Cuts Stock Position in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Summit Partners Public Asset Management LLC decreased its holdings in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 28.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 543,046 shares of the company’s stock after selling 219,648 shares during the period. PROCEPT BioRobotics comprises approximately 1.3% of Summit Partners Public Asset Management LLC’s investment portfolio, making the stock its 17th largest holding. Summit Partners Public Asset Management LLC owned approximately 1.04% of PROCEPT BioRobotics worth $43,509,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in PRCT. Westfield Capital Management Co. LP acquired a new stake in PROCEPT BioRobotics in the 3rd quarter worth about $72,563,000. Chicago Capital LLC acquired a new stake in shares of PROCEPT BioRobotics in the second quarter worth approximately $14,233,000. Federated Hermes Inc. increased its position in shares of PROCEPT BioRobotics by 788.9% during the second quarter. Federated Hermes Inc. now owns 183,420 shares of the company’s stock worth $11,205,000 after purchasing an additional 162,785 shares in the last quarter. Transatlantique Private Wealth LLC acquired a new position in PROCEPT BioRobotics in the 2nd quarter valued at $9,164,000. Finally, M&G Plc acquired a new position in PROCEPT BioRobotics in the 2nd quarter valued at $8,507,000. Institutional investors and hedge funds own 89.46% of the company’s stock.

Insider Activity at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 13,305 shares of PROCEPT BioRobotics stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the completion of the sale, the director now directly owns 317,518 shares in the company, valued at $24,248,849.66. This trade represents a 4.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $82.51, for a total transaction of $2,062,750.00. Following the completion of the sale, the chief financial officer now directly owns 96,096 shares in the company, valued at $7,928,880.96. This trade represents a 20.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 561,773 shares of company stock worth $49,073,125. Company insiders own 17.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Truist Financial reiterated a “buy” rating and issued a $105.00 price objective (up previously from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. Wells Fargo & Company boosted their target price on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Bank of America upped their price target on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Finally, TD Cowen boosted their price objective on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.50.

PROCEPT BioRobotics Stock Down 2.0 %

Shares of NASDAQ PRCT opened at $97.29 on Friday. The company has a market capitalization of $5.08 billion, a P/E ratio of -49.89 and a beta of 1.01. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07. The company has a 50 day simple moving average of $83.69 and a 200-day simple moving average of $73.45. PROCEPT BioRobotics Co. has a 1 year low of $33.45 and a 1 year high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.09. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The company had revenue of $58.40 million during the quarter, compared to analysts’ expectations of $53.30 million. During the same quarter last year, the firm earned ($0.51) earnings per share. The firm’s quarterly revenue was up 66.4% compared to the same quarter last year. On average, equities research analysts predict that PROCEPT BioRobotics Co. will post -1.73 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).