PNC Financial Services Group Inc. Lowers Holdings in PROCEPT BioRobotics Corporation $PRCT

PNC Financial Services Group Inc. trimmed its holdings in PROCEPT BioRobotics Corporation (NASDAQ:PRCT) by 71.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 570 shares of the company’s stock after selling 1,455 shares during the period. PNC Financial Services Group Inc.’s holdings in PROCEPT BioRobotics were worth $33,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in PRCT. Envestnet Asset Management Inc. lifted its position in shares of PROCEPT BioRobotics by 130.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 42,202 shares of the company’s stock valued at $3,398,000 after acquiring an additional 23,861 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of PROCEPT BioRobotics in the fourth quarter worth about $1,647,000. Mariner LLC increased its holdings in shares of PROCEPT BioRobotics by 40.6% in the fourth quarter. Mariner LLC now owns 8,406 shares of the company’s stock worth $677,000 after purchasing an additional 2,429 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of PROCEPT BioRobotics by 8.7% in the fourth quarter. MetLife Investment Management LLC now owns 26,680 shares of the company’s stock worth $2,148,000 after purchasing an additional 2,144 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in shares of PROCEPT BioRobotics in the fourth quarter worth about $1,030,000. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the completion of the transaction, the director owned 14,363 shares in the company, valued at $883,180.87. The trade was a 63.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 100,000 shares of company stock worth $6,271,250 in the last ninety days. 6.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PRCT shares. Stephens started coverage on PROCEPT BioRobotics in a report on Wednesday, July 9th. They issued an “overweight” rating and a $70.00 target price on the stock. Piper Sandler reduced their target price on PROCEPT BioRobotics from $80.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, August 7th. Wells Fargo & Company reduced their target price on PROCEPT BioRobotics from $75.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, August 7th. Morgan Stanley reduced their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, July 15th. Finally, Wall Street Zen raised PROCEPT BioRobotics from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $74.88.

PROCEPT BioRobotics Trading Up 4.8%

Shares of NASDAQ PRCT opened at $41.23 on Friday. The business’s 50 day moving average is $52.59 and its two-hundred day moving average is $56.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86. PROCEPT BioRobotics Corporation has a 1-year low of $37.12 and a 1-year high of $103.81. The stock has a market capitalization of $2.29 billion, a P/E ratio of -26.60 and a beta of 1.05.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.06. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.The business had revenue of $79.18 million during the quarter, compared to analyst estimates of $75.67 million. During the same quarter in the previous year, the business earned ($0.50) earnings per share. The company’s revenue for the quarter was up 48.3% compared to the same quarter last year. As a group, research analysts expect that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

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).