Victory Capital Management Inc. Decreases Stock Position in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Victory Capital Management Inc. cut its stake in PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 15.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 193,185 shares of the company’s stock after selling 36,410 shares during the period. Victory Capital Management Inc. owned about 0.37% of PROCEPT BioRobotics worth $15,478,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Values First Advisors Inc. purchased a new stake in PROCEPT BioRobotics during the 3rd quarter worth about $27,000. Mark Sheptoff Financial Planning LLC purchased a new stake in PROCEPT BioRobotics during the 2nd quarter worth about $36,000. Quest Partners LLC lifted its holdings in PROCEPT BioRobotics by 2,492.3% during the 2nd quarter. Quest Partners LLC now owns 674 shares of the company’s stock worth $41,000 after buying an additional 648 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in PROCEPT BioRobotics by 178.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company’s stock worth $89,000 after buying an additional 713 shares during the last quarter. Finally, Sentry Investment Management LLC purchased a new stake in PROCEPT BioRobotics during the 3rd quarter worth about $120,000. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

PROCEPT BioRobotics Price Performance

PRCT stock opened at $93.57 on Wednesday. PROCEPT BioRobotics Co. has a 1 year low of $31.57 and a 1 year high of $103.81. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. The stock’s 50 day moving average price is $81.59 and its 200 day moving average price is $71.94. The firm has a market cap of $4.88 billion, a P/E ratio of -47.98 and a beta of 1.01.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings results on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $53.30 million. During the same quarter in the prior year, the company posted ($0.51) EPS. The business’s revenue for the quarter was up 66.4% compared to the same quarter last year. On average, sell-side analysts expect that PROCEPT BioRobotics Co. will post -1.74 earnings per share for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In related news, CEO Reza Zadno sold 288,461 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $91.00, for a total value of $26,249,951.00. Following the completion of the sale, the chief executive officer now directly owns 258,445 shares in the company, valued at approximately $23,518,495. This represents a 52.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Antal Rohit Desai sold 34,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $95.39, for a total value of $3,243,260.00. Following the completion of the sale, the director now owns 164,363 shares of the company’s stock, valued at approximately $15,678,586.57. This represents a 17.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 535,353 shares of company stock worth $46,627,426 in the last ninety days. Insiders own 17.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PRCT shares. Bank of America lifted their target price on PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. TD Cowen lifted their target price on 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 lifted their target price on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Piper Sandler restated an “overweight” rating and issued a $75.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Finally, 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 report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, PROCEPT BioRobotics presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

PROCEPT BioRobotics 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).