Principal Financial Group Inc. Increases Position in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Principal Financial Group Inc. increased its stake in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 290.2% in the third quarter, HoldingsChannel reports. The firm owned 68,617 shares of the company’s stock after buying an additional 51,030 shares during the period. Principal Financial Group Inc.’s holdings in PROCEPT BioRobotics were worth $5,498,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Values First Advisors Inc. bought a new stake in shares of PROCEPT BioRobotics in the 3rd quarter valued at about $27,000. Mark Sheptoff Financial Planning LLC purchased a new position in PROCEPT BioRobotics in the second quarter worth $36,000. Quest Partners LLC increased its position 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. Nisa Investment Advisors LLC lifted its holdings in shares of PROCEPT BioRobotics by 178.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company’s stock valued at $89,000 after purchasing an additional 713 shares during the last quarter. Finally, Sentry Investment Management LLC acquired a new stake in shares of PROCEPT BioRobotics in the 3rd quarter worth $120,000. Hedge funds and other institutional investors own 89.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on PRCT shares. Jefferies Financial Group initiated coverage on PROCEPT BioRobotics in a research report on Thursday, November 14th. They set a “hold” rating and a $95.00 target price on the stock. TD Cowen upped their price objective on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a report on Monday, September 16th. 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. Piper Sandler reissued an “overweight” rating and issued a $75.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Finally, Truist Financial restated a “buy” rating and set a $105.00 price objective (up from $95.00) on shares of PROCEPT BioRobotics in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, PROCEPT BioRobotics currently has a consensus rating of “Moderate Buy” and an average target price of $89.50.

Insider Buying and Selling

In related news, Director Antal Rohit Desai sold 13,305 shares of PROCEPT BioRobotics stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $76.37, for a total value of $1,016,102.85. Following the sale, the director now owns 317,518 shares of the company’s stock, valued at approximately $24,248,849.66. This trade represents a 4.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Reza Zadno sold 288,461 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 258,445 shares in the company, valued at approximately $23,518,495. The trade was a 52.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 535,353 shares of company stock valued at $46,627,426. Corporate insiders own 17.40% of the company’s stock.

PROCEPT BioRobotics Stock Performance

Shares of PRCT stock opened at $92.70 on Thursday. PROCEPT BioRobotics Co. has a 52-week low of $31.57 and a 52-week 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 stock has a market cap of $4.84 billion, a PE ratio of -47.54 and a beta of 1.01. The business has a 50-day simple moving average of $81.88 and a 200-day simple moving average of $72.08.

PROCEPT BioRobotics (NASDAQ:PRCT) 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 company had revenue of $58.40 million during 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%. PROCEPT BioRobotics’s revenue for the quarter was up 66.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.51) earnings per share. On average, equities analysts expect that PROCEPT BioRobotics Co. will post -1.74 EPS for the current year.

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).