Franklin Resources Inc. Buys 347,330 Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Franklin Resources Inc. lifted its holdings in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT - Free Report) by 64.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 885,992 shares of the company's stock after acquiring an additional 347,330 shares during the quarter. Franklin Resources Inc. owned approximately 1.70% of PROCEPT BioRobotics worth $64,669,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Values First Advisors Inc. purchased a new position in shares of PROCEPT BioRobotics during the third quarter valued at about $27,000. Mark Sheptoff Financial Planning LLC bought a new stake in PROCEPT BioRobotics during the 2nd quarter valued at approximately $36,000. Quest Partners LLC grew its holdings in shares of 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 acquiring an additional 648 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of PROCEPT BioRobotics in the 3rd quarter worth approximately $64,000. Finally, Canton Hathaway LLC purchased a new position in shares of PROCEPT BioRobotics in the 3rd quarter valued at approximately $66,000. Hedge funds and other institutional investors own 89.46% of the company's stock.

Insider Activity

In other news, CEO Reza Zadno sold 288,461 shares of PROCEPT BioRobotics stock in a transaction dated Wednesday, October 30th. The stock was 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 directly owns 258,445 shares of the company's stock, valued at $23,518,495. The trade was a 52.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the firm'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 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 position. The disclosure for this sale can be found here. Insiders sold 487,816 shares of company stock valued at $44,820,549 in the last quarter. 17.40% of the stock is currently owned by insiders.

PROCEPT BioRobotics Stock Performance

NASDAQ:PRCT traded down $0.86 during trading hours on Tuesday, reaching $88.56. The company had a trading volume of 525,616 shares, compared to its average volume of 648,289. The firm's 50 day moving average price is $87.44 and its 200-day moving average price is $75.81. The firm has a market cap of $4.62 billion, a price-to-earnings ratio of -44.99 and a beta of 0.99. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. PROCEPT BioRobotics Co. has a 52 week low of $39.48 and a 52 week high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings data 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 return on equity of 38.57% and a negative net margin of 50.07%. The company had revenue of $58.40 million during the quarter, compared to analyst estimates of $53.30 million. During the same quarter in the previous year, the company posted ($0.51) earnings per share. PROCEPT BioRobotics's revenue was up 66.4% compared to the same quarter last year. On average, analysts forecast that PROCEPT BioRobotics Co. will post -1.75 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PRCT shares. 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 shares of PROCEPT BioRobotics in a research report on Thursday, November 14th. They set a "hold" rating and a $95.00 price target for the company. 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 report on Monday, September 16th. Morgan Stanley began coverage on shares of PROCEPT BioRobotics in a report on Monday, December 2nd. They set an "overweight" rating and a $105.00 target price for the company. Finally, Piper Sandler reissued an "overweight" rating and issued a $75.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, PROCEPT BioRobotics presently has an average rating of "Moderate Buy" and an average target price 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).