PROCEPT BioRobotics Co. (NASDAQ:PRCT) Stake Cut by abrdn plc

abrdn plc reduced its position in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT - Free Report) by 24.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 77,358 shares of the company's stock after selling 25,317 shares during the quarter. abrdn plc owned about 0.15% of PROCEPT BioRobotics worth $6,239,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Values First Advisors Inc. purchased a new position in PROCEPT BioRobotics during the third quarter valued at approximately $27,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of PROCEPT BioRobotics in the 2nd quarter valued at $36,000. Quest Partners LLC increased its holdings in shares of 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 acquiring an additional 648 shares during the period. Nisa Investment Advisors LLC raised its position in shares of PROCEPT BioRobotics by 178.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company's stock worth $89,000 after acquiring an additional 713 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in PROCEPT BioRobotics in the second quarter worth about $128,000. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRCT has been the subject of a number of recent analyst reports. Truist Financial reissued a "buy" rating and issued a $105.00 price objective (up previously from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday. TD Cowen boosted their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. Wells Fargo & Company upped their price objective on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an "overweight" rating in a report on Friday, August 2nd. Bank of America lifted their target price on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, August 22nd. Finally, Piper Sandler restated an "overweight" rating and set a $75.00 price target on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $88.40.

Insider Buying and Selling

In related news, CEO Reza Zadno sold 288,461 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer now owns 258,445 shares in the company, valued at approximately $23,518,495. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of the company's 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 completion of the sale, the chief financial officer now directly owns 96,096 shares in the company, valued at $7,928,880.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Reza Zadno sold 288,461 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 258,445 shares in the company, valued at $23,518,495. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 468,353 shares of company stock worth $40,196,366. 17.40% of the stock is owned by corporate insiders.

PROCEPT BioRobotics Stock Performance

NASDAQ PRCT traded up $2.29 on Friday, reaching $92.29. The stock had a trading volume of 1,016,863 shares, compared to its average volume of 1,158,524. The company has a debt-to-equity ratio of 0.21, a quick ratio of 6.49 and a current ratio of 6.02. PROCEPT BioRobotics Co. has a 12-month low of $27.65 and a 12-month high of $99.34. The business's 50-day moving average price is $77.65 and its 200 day moving average price is $68.47. The stock has a market cap of $4.82 billion, a P/E ratio of -47.33 and a beta of 1.00.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate 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 net margin of 50.07% and a negative return on equity of 38.57%. The business's revenue for the quarter was up 66.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.51) earnings per share. As a group, equities analysts expect that PROCEPT BioRobotics Co. will post -1.74 earnings per share for the current year.

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).