Franklin Resources Inc. Purchases 347,330 Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Franklin Resources Inc. grew its holdings in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 64.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 885,992 shares of the company’s stock after buying an additional 347,330 shares during the quarter. Franklin Resources Inc. owned 1.70% of PROCEPT BioRobotics worth $64,669,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRCT. Wilmington Savings Fund Society FSB purchased a new position in PROCEPT BioRobotics during the 3rd quarter valued at $64,000. Neo Ivy Capital Management bought a new stake in shares of PROCEPT BioRobotics during the third quarter worth $228,000. Geode Capital Management LLC boosted its stake in shares of PROCEPT BioRobotics by 8.2% during the third quarter. Geode Capital Management LLC now owns 1,106,588 shares of the company’s stock valued at $88,678,000 after purchasing an additional 84,244 shares during the period. Y Intercept Hong Kong Ltd bought a new position in shares of PROCEPT BioRobotics in the third quarter worth about $1,081,000. Finally, Main Management ETF Advisors LLC purchased a new position in PROCEPT BioRobotics in the 3rd quarter worth about $1,057,000. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $72.47, for a total value of $1,811,750.00. Following the completion of the sale, the chief financial officer now directly owns 96,096 shares in the company, valued at approximately $6,964,077.12. This trade represents a 20.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Reza Zadno sold 288,461 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $91.00, for a total value of $26,249,951.00. Following the completion of the sale, the chief executive officer now directly owns 258,445 shares of the company’s stock, valued at approximately $23,518,495. This represents a 52.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 487,816 shares of company stock worth $44,820,549. Insiders own 17.40% of the company’s stock.

PROCEPT BioRobotics Price Performance

Shares of PRCT stock opened at $89.42 on Tuesday. The company has a market cap of $4.67 billion, a P/E ratio of -45.86 and a beta of 0.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07. The stock’s 50-day moving average is $87.44 and its 200 day moving average is $75.81. PROCEPT BioRobotics Co. has a 1-year low of $39.48 and a 1-year high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.09. The firm had revenue of $58.40 million for 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 company’s quarterly revenue was up 66.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.51) EPS. Research analysts predict that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Jefferies Financial Group began coverage on shares of PROCEPT BioRobotics in a research note on Thursday, November 14th. They issued a “hold” rating and a $95.00 target price on the stock. Bank of America increased their price objective on PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Truist Financial reaffirmed a “buy” rating and set a $105.00 target price (up from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. TD Cowen increased their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $112.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, PROCEPT BioRobotics currently has a consensus rating of “Moderate Buy” and an average price target of $97.86.

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).