Verition Fund Management LLC Makes New Investment in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Verition Fund Management LLC acquired a new position in PROCEPT BioRobotics Co. (NASDAQ:PRCT - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 26,610 shares of the company's stock, valued at approximately $2,132,000. Verition Fund Management LLC owned about 0.05% of PROCEPT BioRobotics at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PRCT. Essex Investment Management Co. LLC raised its holdings in shares of PROCEPT BioRobotics by 0.3% in the third quarter. Essex Investment Management Co. LLC now owns 80,992 shares of the company's stock worth $6,489,000 after buying an additional 228 shares during the period. Values First Advisors Inc. bought a new position in PROCEPT BioRobotics in the 3rd quarter valued at $27,000. Arizona State Retirement System increased its stake in PROCEPT BioRobotics by 2.8% in the second quarter. Arizona State Retirement System now owns 12,840 shares of the company's stock worth $784,000 after purchasing an additional 350 shares during the period. KBC Group NV lifted its position in shares of PROCEPT BioRobotics by 32.6% during the third quarter. KBC Group NV now owns 1,531 shares of the company's stock worth $123,000 after purchasing an additional 376 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of PROCEPT BioRobotics by 4.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,913 shares of the company's stock valued at $606,000 after purchasing an additional 408 shares during the period. Institutional investors own 89.46% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Jefferies Financial Group initiated coverage on shares of PROCEPT BioRobotics in a research note on Thursday, November 14th. They issued a "hold" rating and a $95.00 price target on the stock. Bank of America raised their target price on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, August 22nd. Truist Financial reiterated a "buy" rating and issued a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. Morgan Stanley assumed coverage on PROCEPT BioRobotics in a research note on Monday. They issued an "overweight" rating and a $105.00 price objective on the stock. Finally, TD Cowen lifted their target price on PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a "buy" rating in a research report on Monday, September 16th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, PROCEPT BioRobotics has a consensus rating of "Moderate Buy" and an average price target of $97.86.

PROCEPT BioRobotics Stock Up 1.3 %

PRCT stock traded up $1.23 during trading on Friday, hitting $94.84. 403,797 shares of the company's stock traded hands, compared to its average volume of 652,933. The firm has a market capitalization of $4.95 billion, a P/E ratio of -48.64 and a beta of 0.99. PROCEPT BioRobotics Co. has a 1 year low of $36.99 and a 1 year high of $103.81. The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The business has a fifty day simple moving average of $85.56 and a two-hundred day simple moving average of $74.66.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last announced its quarterly earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.49) by $0.09. The business had revenue of $58.40 million for the quarter, compared to the consensus estimate of $53.30 million. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The business's revenue was up 66.4% compared to the same quarter last year. During the same period last year, the business posted ($0.51) EPS. Sell-side analysts anticipate that PROCEPT BioRobotics Co. will post -1.75 EPS for the current year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of PROCEPT BioRobotics stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total value of $1,811,750.00. Following the transaction, the chief financial officer now directly owns 96,096 shares of the company's stock, valued at approximately $6,964,077.12. The trade was 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 26,420 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $97.83, for a total value of $2,584,668.60. Following the sale, the chief executive officer now owns 179,185 shares of the company's stock, valued at approximately $17,529,668.55. This represents a 12.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 594,183 shares of company stock worth $53,258,164. 17.40% of the stock is owned by corporate insiders.

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).