The Manufacturers Life Insurance Company Cuts Position in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

The Manufacturers Life Insurance Company lessened its stake in PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 5.6% in the third quarter, HoldingsChannel.com reports. The firm owned 59,035 shares of the company’s stock after selling 3,527 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in PROCEPT BioRobotics were worth $4,730,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Values First Advisors Inc. purchased a new position in PROCEPT BioRobotics in the third quarter valued at about $27,000. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of PROCEPT BioRobotics in the 2nd quarter worth approximately $36,000. Quest Partners LLC increased its stake in PROCEPT BioRobotics by 2,492.3% in the 2nd quarter. Quest Partners LLC now owns 674 shares of the company’s stock valued at $41,000 after purchasing an additional 648 shares in the last quarter. Canton Hathaway LLC acquired a new position in PROCEPT BioRobotics during the third quarter worth $66,000. Finally, Nisa Investment Advisors LLC boosted its position in PROCEPT BioRobotics by 178.3% during the third quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company’s stock worth $89,000 after purchasing an additional 713 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. TD Cowen raised their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Jefferies Financial Group assumed coverage on shares of PROCEPT BioRobotics in a report on Thursday, November 14th. They set a “hold” rating and a $95.00 target price for the company. Bank of America upped their price target on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Truist Financial reissued a “buy” rating and set a $105.00 price objective (up from $95.00) on shares of PROCEPT BioRobotics in a research note on Wednesday, October 30th. Finally, Piper Sandler restated an “overweight” rating and set a $75.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $97.86.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ PRCT opened at $94.84 on Friday. 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 market cap of $4.95 billion, a PE ratio of -48.64 and a beta of 0.99. The company has a 50-day simple moving average of $85.56 and a 200-day simple moving average of $74.66. PROCEPT BioRobotics Co. has a 12 month low of $36.99 and a 12 month high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Monday, October 28th. The company reported ($0.40) EPS 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 firm had revenue of $58.40 million during the quarter, compared to analysts’ expectations of $53.30 million. During the same period in the previous year, the company earned ($0.51) EPS. PROCEPT BioRobotics’s revenue for the quarter was up 66.4% on a year-over-year basis. On average, equities analysts anticipate that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current year.

Insider Buying and Selling

In other PROCEPT BioRobotics news, CEO Reza Zadno sold 26,420 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $97.83, for a total transaction of $2,584,668.60. Following the transaction, the chief executive officer now owns 179,185 shares of the company’s stock, valued at $17,529,668.55. This trade represents a 12.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 96,096 shares of the company’s stock, valued at $7,928,880.96. This represents a 20.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 594,183 shares of company stock worth $53,258,164. 17.40% of the stock is owned by company insiders.

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).