Eventide Asset Management LLC Takes Position in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Eventide Asset Management LLC purchased a new position in PROCEPT BioRobotics Co. (NASDAQ:PRCT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 129,000 shares of the company’s stock, valued at approximately $10,335,000. Eventide Asset Management LLC owned about 0.25% of PROCEPT BioRobotics as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Values First Advisors Inc. bought a new stake in PROCEPT BioRobotics during the 3rd quarter valued at about $27,000. Mark Sheptoff Financial Planning LLC bought a new stake in shares of PROCEPT BioRobotics during the second quarter valued at approximately $36,000. Quest Partners LLC raised its holdings in PROCEPT BioRobotics by 2,492.3% in the 2nd quarter. Quest Partners LLC now owns 674 shares of the company’s stock worth $41,000 after acquiring an additional 648 shares during the last quarter. Canton Hathaway LLC bought a new position in PROCEPT BioRobotics in the 3rd quarter valued at approximately $66,000. Finally, Nisa Investment Advisors LLC boosted its stake in PROCEPT BioRobotics by 178.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company’s stock valued at $89,000 after purchasing an additional 713 shares during the last quarter. Institutional investors own 89.46% of the company’s stock.

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CEO Reza Zadno sold 288,461 shares of PROCEPT BioRobotics stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $91.00, for a total transaction of $26,249,951.00. Following the transaction, the chief executive officer now owns 258,445 shares of the company’s stock, valued at $23,518,495. The trade was a 52.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Antal Rohit Desai sold 35,220 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 23,963 shares of the company’s stock, valued at approximately $1,824,063.56. The trade was a 59.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 561,773 shares of company stock valued at $49,073,125. Company insiders own 17.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Truist Financial restated a “buy” rating and issued a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a research note on Wednesday, October 30th. Jefferies Financial Group started coverage on shares of PROCEPT BioRobotics in a research note on Thursday, November 14th. They set a “hold” rating and a $95.00 target price on the stock. TD Cowen raised their price target on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a report on Monday, September 16th. Wells Fargo & Company boosted their price objective on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, Piper Sandler restated an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

PROCEPT BioRobotics Price Performance

NASDAQ PRCT opened at $95.59 on Friday. The company has a 50-day moving average price of $83.90 and a 200-day moving average price of $73.68. PROCEPT BioRobotics Co. has a 52 week low of $36.15 and a 52 week high of $103.81. The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $4.99 billion, a P/E ratio of -49.02 and a beta of 1.01.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings results on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, topping 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 business had revenue of $58.40 million for the quarter, compared to the consensus estimate of $53.30 million. During the same period last year, the firm earned ($0.51) earnings per share. The company’s quarterly revenue was up 66.4% on a year-over-year basis. Equities research analysts anticipate 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).