Lord Abbett & CO. LLC Raises Stake in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Lord Abbett & CO. LLC raised its holdings in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 45.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 748,555 shares of the company’s stock after buying an additional 233,430 shares during the period. Lord Abbett & CO. LLC’s holdings in PROCEPT BioRobotics were worth $59,974,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Values First Advisors Inc. purchased a new stake in PROCEPT BioRobotics during the 3rd quarter worth $27,000. Mark Sheptoff Financial Planning LLC acquired a new position in shares of PROCEPT BioRobotics during the second quarter worth about $36,000. Quest Partners LLC lifted its stake 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 purchasing an additional 648 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of PROCEPT BioRobotics in the third quarter worth about $64,000. Finally, Canton Hathaway LLC acquired a new stake in shares of PROCEPT BioRobotics in the third quarter valued at about $66,000. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

PROCEPT BioRobotics Stock Performance

Shares of PROCEPT BioRobotics stock opened at $89.24 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. PROCEPT BioRobotics Co. has a 1 year low of $39.48 and a 1 year high of $103.81. The firm’s 50-day simple moving average is $87.04 and its 200-day simple moving average is $75.55. The firm has a market cap of $4.66 billion, a PE ratio of -45.76 and a beta of 0.99.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data on Monday, October 28th. The company reported ($0.40) EPS 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 the consensus estimate of $53.30 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The firm’s revenue was up 66.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.51) earnings per share. Equities analysts forecast that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In other news, CFO Kevin Waters sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $72.47, for a total transaction of $1,811,750.00. Following the completion of the transaction, the chief financial officer now directly owns 96,096 shares of the company’s stock, valued at approximately $6,964,077.12. This represents a 20.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Reza Zadno sold 288,461 shares of the firm’s stock in a transaction that occurred 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 trade represents a 52.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 512,816 shares of company stock valued at $46,883,299 in the last quarter. Insiders own 17.40% of the company’s stock.

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).