Bank of America Corp DE Purchases Shares of 587,327 Glaukos Corporation $GKOS

Key Points

• Bank of America acquired 587,327 Glaukos shares worth approximately $82.1 million, giving it about a 1% stake. Institutional investors collectively own 99.04% of GKOS.
• Analysts remain broadly optimistic: 12 rate Glaukos a Buy, with a consensus “Moderate Buy” rating and an average price target of $178.08. Several firms recently raised their targets to between $190 and $215.
• Glaukos reported stronger-than-expected quarterly results, including revenue of $185.6 million—up 49.6% year over year—and an adjusted loss of $0.14 per share versus the expected $0.21 loss. Meanwhile, insiders sold $19.6 million of stock over the past three months.

Bank of America Corp DE purchased a new stake in Glaukos Corporation (NYSE:GKOS - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 587,327 shares of the medical instruments supplier's stock, valued at approximately $82,085,000. Bank of America Corp DE owned about 1.00% of Glaukos as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Wealth Alliance LLC increased its holdings in shares of Glaukos by 4.5% during the 1st quarter. Wealth Alliance LLC now owns 2,297 shares of the medical instruments supplier's stock worth $247,000 after purchasing an additional 98 shares during the period. Larson Financial Group LLC grew its position in Glaukos by 62.0% during the fourth quarter. Larson Financial Group LLC now owns 345 shares of the medical instruments supplier's stock worth $39,000 after buying an additional 132 shares in the last quarter. Allworth Financial LP acquired a new stake in Glaukos during the second quarter worth about $28,000. Parallel Advisors LLC increased its stake in Glaukos by 159.2% during the first quarter. Parallel Advisors LLC now owns 368 shares of the medical instruments supplier's stock valued at $40,000 after acquiring an additional 226 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its stake in Glaukos by 1.8% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 14,301 shares of the medical instruments supplier's stock valued at $1,540,000 after acquiring an additional 250 shares during the period. 99.04% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on GKOS shares. Wall Street Zen raised Glaukos from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Stifel Nicolaus raised their price objective on shares of Glaukos from $175.00 to $190.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. William Blair reiterated an "outperform" rating on shares of Glaukos in a research report on Tuesday, May 26th. HC Wainwright upped their target price on shares of Glaukos from $168.00 to $195.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Finally, Truist Financial increased their price target on shares of Glaukos from $180.00 to $215.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Twelve investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $178.08.

Insiders Place Their Bets

In other Glaukos news, CFO Alex Thurman sold 20,000 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $180.13, for a total transaction of $3,602,600.00. Following the sale, the chief financial officer owned 43,906 shares of the company's stock, valued at $7,908,787.78. This represents a 31.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Gilbert Kliman sold 2,500 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director directly owned 37,406 shares of the company's stock, valued at approximately $7,107,140. This represents a 6.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 113,025 shares of company stock worth $19,600,006 in the last three months. Company insiders own 5.90% of the company's stock.

Glaukos Trading Up 1.2%

Shares of Glaukos stock opened at $163.39 on Friday. Glaukos Corporation has a 12-month low of $73.16 and a 12-month high of $191.62. The stock has a market capitalization of $9.64 billion, a P/E ratio of -50.28 and a beta of 0.76. The company has a 50-day simple moving average of $171.46 and a 200 day simple moving average of $140.08. The company has a quick ratio of 4.46, a current ratio of 5.04 and a debt-to-equity ratio of 0.10.

Glaukos (NYSE:GKOS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The medical instruments supplier reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.07. The firm had revenue of $185.61 million for the quarter, compared to analysts' expectations of $150.93 million. Glaukos had a negative net margin of 30.68% and a negative return on equity of 6.37%. The company's quarterly revenue was up 49.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.24) earnings per share. Research analysts expect that Glaukos Corporation will post -0.32 earnings per share for the current fiscal year.

Glaukos Profile

Glaukos Corporation is an ophthalmic medical technology company focused on developing and commercializing products designed to treat glaucoma, corneal disorders and other eye conditions. The company's technologies are intended to provide alternatives to traditional treatments and support earlier intervention in the management of progressive eye disease.

Glaukos is best known for its portfolio of micro-invasive glaucoma surgery products, including the iStent family of implantable devices.

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