Principal Financial Group Inc. Increases Stock Position in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Principal Financial Group Inc. boosted its stake in PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 290.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 68,617 shares of the company’s stock after acquiring an additional 51,030 shares during the period. Principal Financial Group Inc. owned 0.13% of PROCEPT BioRobotics worth $5,498,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. State Street Corp increased its position in PROCEPT BioRobotics by 5.9% during the 3rd quarter. State Street Corp now owns 1,179,514 shares of the company’s stock worth $94,503,000 after purchasing an additional 66,175 shares during the period. Geode Capital Management LLC raised its stake in shares of PROCEPT BioRobotics by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,106,588 shares of the company’s stock worth $88,678,000 after buying an additional 84,244 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of PROCEPT BioRobotics in the third quarter valued at about $72,563,000. Franklin Resources Inc. increased its position in PROCEPT BioRobotics by 64.5% during the third quarter. Franklin Resources Inc. now owns 885,992 shares of the company’s stock worth $64,669,000 after buying an additional 347,330 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in PROCEPT BioRobotics by 45.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock worth $59,974,000 after purchasing an additional 233,430 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company’s stock.

PROCEPT BioRobotics Trading Down 0.5 %

NASDAQ:PRCT opened at $80.52 on Thursday. PROCEPT BioRobotics Co. has a 12 month low of $39.48 and a 12 month high of $103.81. The business’s 50-day moving average is $90.19 and its two-hundred day moving average is $77.07. 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 firm has a market capitalization of $4.20 billion, a PE ratio of -41.29 and a beta of 0.99.

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 analysts’ consensus estimates of ($0.49) by $0.09. The firm had revenue of $58.40 million during the quarter, compared to analysts’ expectations of $53.30 million. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. PROCEPT BioRobotics’s quarterly revenue was up 66.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.51) EPS. Research analysts predict that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Kevin Waters sold 25,000 shares of PROCEPT BioRobotics stock in a transaction on 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 in the company, valued at approximately $6,964,077.12. The trade was a 20.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Reza Zadno sold 288,461 shares of the stock in a transaction 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 in the company, valued at $23,518,495. This trade represents a 52.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 487,816 shares of company stock valued at $44,820,549 in the last quarter. Company insiders own 17.40% of the company’s stock.

Analyst Ratings Changes

PRCT has been the subject of several analyst reports. Wells Fargo & Company reiterated an “overweight” rating and issued a $112.00 price target on shares of PROCEPT BioRobotics in a report on Tuesday, December 3rd. Morgan Stanley initiated coverage on shares of PROCEPT BioRobotics in a research report on Monday, December 2nd. They set an “overweight” rating and a $105.00 price target for the company. TD Cowen lifted 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. Jefferies Financial Group began coverage on PROCEPT BioRobotics in a research report on Thursday, November 14th. They issued a “hold” rating and a $95.00 target price on the stock. Finally, Piper Sandler reissued an “overweight” rating and set a $75.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $97.86.

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).