CPMG Inc Sells 4,370,533 Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT)

CPMG Inc trimmed its holdings in PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 82.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 958,334 shares of the company’s stock after selling 4,370,533 shares during the quarter. PROCEPT BioRobotics comprises approximately 87.6% of CPMG Inc’s portfolio, making the stock its biggest position. CPMG Inc owned approximately 1.86% of PROCEPT BioRobotics worth $58,545,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRCT. Mark Sheptoff Financial Planning LLC acquired a new position in PROCEPT BioRobotics in the second quarter valued at $36,000. Quest Partners LLC grew its holdings in shares of PROCEPT BioRobotics by 2,492.3% during the second 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. Fairman Group LLC acquired a new position in PROCEPT BioRobotics in the 4th quarter valued at about $84,000. Canada Pension Plan Investment Board purchased a new stake in PROCEPT BioRobotics during the 2nd quarter valued at approximately $128,000. Finally, RiverPark Advisors LLC acquired a new stake in PROCEPT BioRobotics during the 2nd quarter worth approximately $135,000. Institutional investors and hedge funds own 89.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Bank of America boosted their target price on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. TD Cowen upped their price objective 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 target price on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Finally, Truist Financial boosted their price target on shares of PROCEPT BioRobotics from $74.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $78.17.

PROCEPT BioRobotics Price Performance

PROCEPT BioRobotics stock opened at $80.23 on Tuesday. The company has a market cap of $4.13 billion, a P/E ratio of -37.84 and a beta of 1.03. PROCEPT BioRobotics Co. has a one year low of $24.83 and a one year high of $85.81. The business has a fifty day moving average of $71.50 and a two-hundred day moving average of $62.99. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.49 and a current ratio of 7.51.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.02. PROCEPT BioRobotics had a negative return on equity of 37.85% and a negative net margin of 58.73%. The firm had revenue of $53.35 million during the quarter, compared to analysts’ expectations of $50.10 million. During the same period in the previous year, the firm posted ($0.56) earnings per share. PROCEPT BioRobotics’s revenue was up 61.2% on a year-over-year basis. As a group, analysts predict that PROCEPT BioRobotics Co. will post -1.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Kevin Waters sold 25,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $82.51, for a total transaction of $2,062,750.00. Following the transaction, the chief financial officer now directly owns 96,096 shares in the company, valued at $7,928,880.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 96,096 shares of the company’s stock, valued at $7,928,880.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 sale, the director now directly owns 23,963 shares of the company’s stock, valued at $1,824,063.56. The disclosure for this sale can be found here. In the last three months, insiders sold 154,892 shares of company stock valued at $12,134,665. Company insiders own 17.40% of the company’s stock.

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).