Insider Selling: PROCEPT BioRobotics Co. (NASDAQ:PRCT) CEO Sells 26,420 Shares of Stock

PROCEPT BioRobotics Co. (NASDAQ:PRCT) CEO Reza Zadno sold 26,420 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $97.83, for a total transaction of $2,584,668.60. Following the sale, the chief executive officer now owns 179,185 shares of the company’s stock, valued at $17,529,668.55. This represents a 12.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Reza Zadno also recently made the following trade(s):

• On Wednesday, November 20th, Reza Zadno sold 26,420 shares of PROCEPT BioRobotics stock. The stock was sold at an average price of $92.57, for a total transaction of $2,445,699.40.
• On Wednesday, October 30th, Reza Zadno sold 288,461 shares of PROCEPT BioRobotics stock. The shares were sold at an average price of $91.00, for a total transaction of $26,249,951.00.

PROCEPT BioRobotics Price Performance

Shares of NASDAQ:PRCT traded up $0.47 on Monday, reaching $96.06. 583,280 shares of the company were exchanged, compared to its average volume of 654,405. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. PROCEPT BioRobotics Co. has a 1-year low of $36.52 and a 1-year high of $103.81. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of -48.51 and a beta of 1.01. The company has a 50-day moving average of $83.90 and a 200-day moving average of $73.77.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted 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. The firm had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The firm’s revenue for the quarter was up 66.4% on a year-over-year basis. During the same period last year, the firm posted ($0.51) EPS. Equities analysts forecast that PROCEPT BioRobotics Co. will post -1.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PRCT has been the topic of a number of recent research reports. Bank of America lifted their target price on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Jefferies Financial Group initiated coverage on shares of PROCEPT BioRobotics in a report on Thursday, November 14th. They issued a “hold” rating and a $95.00 target price on the stock. Truist Financial reaffirmed a “buy” rating and issued a $105.00 target price (up from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. Finally, Morgan Stanley started coverage on shares of PROCEPT BioRobotics in a research note on Monday. They issued an “overweight” rating and a $105.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.71.

Hedge Funds Weigh In On PROCEPT BioRobotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. M&G Plc acquired a new stake in PROCEPT BioRobotics in the 2nd quarter worth about $8,507,000. Federated Hermes Inc. boosted its position in shares of PROCEPT BioRobotics by 788.9% in the second quarter. Federated Hermes Inc. now owns 183,420 shares of the company’s stock worth $11,205,000 after acquiring an additional 162,785 shares during the last quarter. Nicholas Investment Partners LP acquired a new stake in shares of PROCEPT BioRobotics in the second quarter worth approximately $4,657,000. Penserra Capital Management LLC purchased a new stake in PROCEPT BioRobotics in the third quarter valued at approximately $2,308,000. Finally, Principal Financial Group Inc. raised its stake in PROCEPT BioRobotics by 290.2% during the third quarter. Principal Financial Group Inc. now owns 68,617 shares of the company’s stock worth $5,498,000 after purchasing an additional 51,030 shares during the period. Institutional investors and hedge funds own 89.46% of the company’s stock.

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).