Champlain Investment Partners LLC Reduces Stock Position in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Champlain Investment Partners LLC reduced its holdings in PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 52.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 650,293 shares of the company’s stock after selling 714,986 shares during the period. Champlain Investment Partners LLC owned approximately 1.25% of PROCEPT BioRobotics worth $52,101,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its stake in shares of PROCEPT BioRobotics by 13.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 402,565 shares of the company’s stock worth $32,254,000 after buying an additional 46,665 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of PROCEPT BioRobotics during the 3rd quarter worth about $979,000. Advisors Asset Management Inc. boosted its stake in shares of PROCEPT BioRobotics by 28.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 12,350 shares of the company’s stock worth $989,000 after purchasing an additional 2,758 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of PROCEPT BioRobotics during the 3rd quarter worth about $1,371,000. Finally, Segall Bryant & Hamill LLC purchased a new position in shares of PROCEPT BioRobotics during the 3rd quarter worth about $8,076,000. 89.46% of the stock is owned by hedge funds and other institutional investors.

PROCEPT BioRobotics Trading Down 0.9 %

Shares of PRCT opened at $93.60 on Friday. PROCEPT BioRobotics Co. has a 1-year low of $33.45 and a 1-year high of $103.81. The company has a 50-day moving average of $82.41 and a 200 day moving average of $72.46. The firm has a market capitalization of $4.88 billion, a price-to-earnings ratio of -48.00 and a beta of 1.01. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings results on Monday, October 28th. The company reported ($0.40) EPS 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 business 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 business posted ($0.51) EPS. The company’s quarterly revenue was up 66.4% compared to the same quarter last year. On average, research analysts expect that PROCEPT BioRobotics Co. will post -1.74 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 price target on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. TD Cowen lifted their price target on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Bank of America lifted their price target 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. Jefferies Financial Group began coverage on shares of PROCEPT BioRobotics in a report on Thursday, November 14th. They set a “hold” rating and a $95.00 price objective for the company. Finally, Wells Fargo & Company lifted their price objective on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. One investment 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, the company has an average rating of “Moderate Buy” and an average price target of $89.50.

Insider Activity

In related news, Director Antal Rohit Desai sold 35,220 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $76.12, for a total transaction of $2,680,946.40. Following the completion of the transaction, the director now owns 23,963 shares in the company, valued at $1,824,063.56. The trade was a 59.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Reza Zadno sold 288,461 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 258,445 shares of the company’s stock, valued at approximately $23,518,495. This trade represents a 52.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 561,773 shares of company stock worth $49,073,125. 17.40% of the stock is currently owned by corporate insiders.

About PROCEPT BioRobotics

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).