3,040,705 Shares in Glaukos Corporation $GKOS Bought by Primecap Management Co. CA

Key Points

• Primecap Management acquired 3.04 million Glaukos shares worth approximately $425 million, giving it a 5.16% stake. Institutional investors collectively own 99.04% of the company.
• Insiders sold 113,025 shares valued at about $19.6 million over the past three months, including significant sales by Director Gilbert Kliman and COO Joseph Gilliam.
• Glaukos reported quarterly revenue of $185.6 million, up 49.6% year over year, and narrowed its loss to $0.14 per share versus analyst expectations of a $0.21 loss. Analysts maintain a “Moderate Buy” consensus with a $178.08 average price target.

Primecap Management Co. CA acquired a new stake in shares of Glaukos Corporation (NYSE:GKOS - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,040,705 shares of the medical instruments supplier's stock, valued at approximately $424,969,000. Primecap Management Co. CA owned about 5.16% of Glaukos at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Glaukos during the second quarter valued at about $1,333,318,000. Janus Henderson Group PLC boosted its holdings in shares of Glaukos by 77.2% during the first quarter. Janus Henderson Group PLC now owns 5,348,395 shares of the medical instruments supplier's stock worth $575,844,000 after purchasing an additional 2,329,608 shares during the period. Wellington Management Group LLP grew its stake in shares of Glaukos by 10.4% in the third quarter. Wellington Management Group LLP now owns 3,580,670 shares of the medical instruments supplier's stock worth $292,004,000 after purchasing an additional 336,266 shares during the last quarter. State Street Corp grew its stake in shares of Glaukos by 0.9% in the fourth quarter. State Street Corp now owns 2,122,402 shares of the medical instruments supplier's stock worth $239,640,000 after purchasing an additional 18,040 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Glaukos by 3.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,999,252 shares of the medical instruments supplier's stock valued at $206,503,000 after purchasing an additional 68,497 shares during the period. Institutional investors own 99.04% of the company's stock.

Insider Activity

In related news, Director Gilbert H. Kliman sold 2,500 shares of Glaukos stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $190.00, for a total transaction of $475,000.00. Following the transaction, the director owned 37,406 shares in the company, valued at approximately $7,107,140. The trade was a 6.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Joseph E. Gilliam sold 60,000 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $179.74, for a total transaction of $10,784,400.00. Following the completion of the transaction, the chief operating officer directly owned 72,588 shares of the company's stock, valued at $13,046,967.12. This represents a 45.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 113,025 shares of company stock valued at $19,600,006. Company insiders own 5.90% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. UBS Group started coverage on shares of Glaukos in a report on Tuesday, July 28th. They issued a "neutral" rating and a $150.00 price objective for the company. Needham & Company LLC increased their target price on Glaukos from $150.00 to $201.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Weiss Ratings restated a "sell (d-)" rating on shares of Glaukos in a research note on Friday, July 17th. BTIG Research lifted their price target on Glaukos from $193.00 to $202.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. Finally, HC Wainwright upped their price target on Glaukos from $168.00 to $195.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Twelve investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $178.08.

Glaukos Stock Down 2.2%

Shares of Glaukos stock opened at $181.48 on Wednesday. Glaukos Corporation has a twelve month low of $73.16 and a twelve month high of $191.62. The company has a quick ratio of 4.46, a current ratio of 5.04 and a debt-to-equity ratio of 0.10. The company's 50 day moving average is $159.57 and its 200 day moving average is $132.67. The company has a market cap of $10.70 billion, a price-to-earnings ratio of -55.84 and a beta of 0.78.

Glaukos (NYSE:GKOS - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The medical instruments supplier reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.07. Glaukos had a negative net margin of 30.68% and a negative return on equity of 6.37%. The firm had revenue of $185.61 million during the quarter, compared to analyst estimates of $150.93 million. During the same quarter in the prior year, the firm earned ($0.24) EPS. The business's revenue for the quarter was up 49.6% compared to the same quarter last year. Research analysts anticipate that Glaukos Corporation will post -0.32 EPS for the current year.

Glaukos Profile

Glaukos Corporation is a medical technology company specializing in the development, manufacturing and commercialization of innovative therapies for patients with glaucoma and other chronic eye diseases. The company's core offerings focus on micro-invasive glaucoma surgery (MIGS), designed to reduce intraocular pressure and manage glaucoma more safely and effectively than traditional surgical approaches. Glaukos's flagship products include the iStent, iStent inject and iStent infinite trabecular micro-bypass stents, which are implanted during cataract surgery to improve aqueous outflow and help control eye pressure.

Beyond its MIGS portfolio, Glaukos has expanded into sustained drug-delivery solutions.

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