Oak Ridge Investments LLC Takes $1.94 Million Position in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Oak Ridge Investments LLC acquired a new stake in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 24,242 shares of the company’s stock, valued at approximately $1,942,000.

A number of other hedge funds also recently made changes to their positions in PRCT. Vanguard Group Inc. raised its stake in shares of PROCEPT BioRobotics by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 4,184,585 shares of the company’s stock valued at $175,376,000 after purchasing an additional 109,694 shares during the period. Diversified Trust Co grew its position in shares of PROCEPT BioRobotics by 25.4% during the first quarter. Diversified Trust Co now owns 13,442 shares of the company’s stock worth $664,000 after buying an additional 2,725 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of PROCEPT BioRobotics by 98.2% during the first quarter. Principal Financial Group Inc. now owns 20,983 shares of the company’s stock worth $1,037,000 after buying an additional 10,395 shares in the last quarter. Essex Investment Management Co. LLC grew its position in shares of PROCEPT BioRobotics by 0.6% during the first quarter. Essex Investment Management Co. LLC now owns 60,116 shares of the company’s stock worth $2,971,000 after buying an additional 336 shares in the last quarter. Finally, Quantbot Technologies LP grew its position in shares of PROCEPT BioRobotics by 151.9% during the first quarter. Quantbot Technologies LP now owns 30,574 shares of the company’s stock worth $1,511,000 after buying an additional 18,437 shares in the last quarter. Hedge funds and other institutional investors own 89.46% of the company’s stock.

Analysts Set New Price Targets

PRCT has been the subject of a number of recent analyst reports. TD Cowen raised their price target on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Wells Fargo & Company raised their price target on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Bank of America lifted their price objective on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Finally, Truist Financial reaffirmed 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. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $88.40.

Insider Activity

In other news, Director Antal Rohit Desai sold 35,220 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $76.12, for a total transaction of $2,680,946.40. Following the completion of the transaction, the director now owns 23,963 shares of the company’s stock, valued at approximately $1,824,063.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Kevin Waters sold 25,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total value of $1,811,750.00. Following the completion of the sale, the chief financial officer now owns 96,096 shares of the company’s stock, valued at $6,964,077.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Antal Rohit Desai sold 35,220 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $76.12, for a total transaction of $2,680,946.40. Following the completion of the sale, the director now directly owns 23,963 shares of the company’s stock, valued at $1,824,063.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 468,353 shares of company stock valued at $40,196,366. 17.40% of the stock is currently owned by company insiders.

PROCEPT BioRobotics Stock Performance

PROCEPT BioRobotics stock opened at $90.00 on Friday. PROCEPT BioRobotics Co. has a 12 month low of $24.91 and a 12 month high of $99.34. The company has a quick ratio of 6.49, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The company has a fifty day moving average price of $77.20 and a two-hundred day moving average price of $67.91.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.09. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The company had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. During the same quarter in the previous year, the company posted ($0.51) earnings per share. The company’s revenue for the quarter was up 66.4% compared to the same quarter last year. On average, equities analysts anticipate that PROCEPT BioRobotics Co. will post -1.74 earnings per share 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).