Connor Clark & Lunn Investment Management Ltd. Takes $1.37 Million Position in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 17,111 shares of the company’s stock, valued at approximately $1,371,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Values First Advisors Inc. acquired a new position in PROCEPT BioRobotics during the 3rd quarter worth approximately $27,000. Mark Sheptoff Financial Planning LLC acquired a new position in shares of PROCEPT BioRobotics during the second quarter worth $36,000. Quest Partners LLC lifted 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 boosted its stake in shares of PROCEPT BioRobotics by 178.3% in the third 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 period. Finally, Sentry Investment Management LLC acquired a new stake in PROCEPT BioRobotics during the 3rd quarter valued at $120,000. 89.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Reza Zadno sold 288,461 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 258,445 shares in the company, valued at $23,518,495. This represents a 52.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $82.51, for a total value of $2,062,750.00. Following the completion of the sale, the chief financial officer now owns 96,096 shares in the company, valued at $7,928,880.96. The trade was a 20.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 561,773 shares of company stock worth $49,073,125 over the last quarter. 17.40% of the stock is owned by company insiders.

PROCEPT BioRobotics Price Performance

Shares of NASDAQ PRCT opened at $99.27 on Wednesday. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $5.18 billion, a price-to-earnings ratio of -50.14 and a beta of 1.01. PROCEPT BioRobotics Co. has a twelve month low of $33.45 and a twelve month high of $103.81. The business has a 50 day simple moving average of $82.73 and a 200-day simple moving average of $72.86.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.09. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The firm 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 firm earned ($0.51) earnings per share. The firm’s revenue for the quarter was up 66.4% compared to the same quarter last year. As a group, equities research analysts expect that PROCEPT BioRobotics Co. will post -1.74 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PRCT. Bank of America upped their price objective on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Jefferies Financial Group began coverage on PROCEPT BioRobotics in a research note on Thursday, November 14th. They set a “hold” rating and a $95.00 price objective for the company. Truist Financial reaffirmed a “buy” rating and issued a $105.00 target price (up from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. TD Cowen raised their price target on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 price target on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, PROCEPT BioRobotics currently has an average rating of “Moderate Buy” and an average price target of $89.50.

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).