Pier 88 Investment Partners LLC Purchases Shares of 9,430 PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Pier 88 Investment Partners LLC acquired a new stake in PROCEPT BioRobotics Co. (NASDAQ:PRCT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,430 shares of the company's stock, valued at approximately $759,000.

A number of other hedge funds have also recently bought and sold shares of the company. Perpetual Ltd acquired a new stake in shares of PROCEPT BioRobotics during the fourth quarter worth $66,972,000. Wellington Management Group LLP boosted its holdings in shares of PROCEPT BioRobotics by 38.8% in the fourth quarter. Wellington Management Group LLP now owns 1,490,952 shares of the company's stock worth $120,051,000 after buying an additional 416,819 shares during the period. Franklin Resources Inc. increased its position in shares of PROCEPT BioRobotics by 64.5% in the third quarter. Franklin Resources Inc. now owns 885,992 shares of the company's stock worth $64,669,000 after acquiring an additional 347,330 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of PROCEPT BioRobotics by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 5,140,426 shares of the company's stock valued at $413,907,000 after acquiring an additional 297,075 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of PROCEPT BioRobotics by 218.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 401,210 shares of the company's stock valued at $33,350,000 after acquiring an additional 275,071 shares in the last quarter. 89.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRCT has been the subject of several recent analyst reports. Truist Financial reaffirmed a "buy" rating and issued a $90.00 target price (down previously from $105.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, February 26th. Morgan Stanley decreased their price target on shares of PROCEPT BioRobotics from $105.00 to $95.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.29.

PROCEPT BioRobotics Stock Down 5.5 %

PRCT stock traded down $3.02 during trading hours on Friday, hitting $51.76. The company's stock had a trading volume of 621,682 shares, compared to its average volume of 933,109. The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. PROCEPT BioRobotics Co. has a 12 month low of $45.68 and a 12 month high of $103.81. The stock has a 50 day moving average price of $64.22 and a two-hundred day moving average price of $77.19. The company has a market capitalization of $2.84 billion, a PE ratio of -26.55 and a beta of 1.05.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The company had revenue of $68.24 million for the quarter, compared to the consensus estimate of $66.79 million. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. On average, equities research analysts expect that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Reza Zadno sold 5,475 shares of the business's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $57.06, for a total value of $312,403.50. Following the completion of the transaction, the chief executive officer now owns 173,070 shares in the company, valued at $9,875,374.20. The trade was a 3.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kevin Waters sold 733 shares of the stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $57.06, for a total value of $41,824.98. Following the completion of the transaction, the chief financial officer now owns 107,991 shares in the company, valued at $6,161,966.46. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,455 shares of company stock valued at $368,322. 17.40% of the stock is currently owned by insiders.

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).