Canada Pension Plan Investment Board Acquires New Position in Glaukos Corporation $GKOS

Key Points

• Canada Pension Plan Investment Board initiated a Glaukos position by purchasing 87,500 shares worth approximately $12.2 million, while institutional investors collectively own 99.04% of the company.
• Glaukos reported stronger-than-expected quarterly results, with revenue rising 49.6% year over year to $185.6 million and adjusted loss per share of $0.14, beating estimates.
• Analysts remain broadly bullish, with 12 Buy ratings and an average price target of $178.08, although company insiders sold approximately $19.6 million of shares over the past three months.

Canada Pension Plan Investment Board purchased a new position in Glaukos Corporation (NYSE:GKOS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 87,500 shares of the medical instruments supplier's stock, valued at approximately $12,229,000. Canada Pension Plan Investment Board owned approximately 0.15% of Glaukos as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Allworth Financial LP acquired a new stake in shares of Glaukos in the second quarter valued at $28,000. Los Angeles Capital Management LLC purchased a new stake in Glaukos during the 4th quarter worth about $28,000. Larson Financial Group LLC raised its position in Glaukos by 62.0% in the 4th quarter. Larson Financial Group LLC now owns 345 shares of the medical instruments supplier's stock valued at $39,000 after purchasing an additional 132 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Glaukos by 159.2% in the 1st quarter. Parallel Advisors LLC now owns 368 shares of the medical instruments supplier's stock valued at $40,000 after buying an additional 226 shares during the period. Finally, Farther Finance Advisors LLC increased its stake in shares of Glaukos by 111.4% during the fourth quarter. Farther Finance Advisors LLC now owns 408 shares of the medical instruments supplier's stock worth $46,000 after buying an additional 215 shares during the period. Hedge funds and other institutional investors own 99.04% of the company's stock.

Insider Activity at Glaukos

In other news, CFO Alex R. Thurman sold 20,000 shares of Glaukos stock in a transaction dated Friday, August 7th. The stock was 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 in the company, valued at approximately $7,908,787.78. The trade was a 31.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Joseph E. Gilliam sold 60,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $179.74, for a total value of $10,784,400.00. Following the completion of the sale, the chief operating officer directly owned 72,588 shares of the company's stock, valued at $13,046,967.12. The trade was a 45.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 113,025 shares of company stock worth $19,600,006. Insiders own 5.90% of the company's stock.

Glaukos Stock Performance

Shares of GKOS opened at $179.95 on Friday. The company has a market capitalization of $10.61 billion, a price-to-earnings ratio of -55.37 and a beta of 0.78. Glaukos Corporation has a 52-week low of $73.16 and a 52-week 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 stock has a 50 day moving average price of $162.64 and a 200 day moving average price of $133.95.

Glaukos (NYSE:GKOS - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The medical instruments supplier reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $185.61 million for the quarter, compared to analysts' expectations of $150.93 million. During the same quarter last year, the company earned ($0.24) earnings per share. The firm's revenue for the quarter was up 49.6% on a year-over-year basis. Research analysts predict that Glaukos Corporation will post -0.32 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on GKOS shares. Piper Sandler reiterated an "overweight" rating and set a $195.00 price target (up from $165.00) on shares of Glaukos in a report on Thursday, July 30th. BTIG Research raised their price objective on shares of Glaukos from $193.00 to $202.00 and gave the company a "buy" rating in a report on Thursday, August 20th. HC Wainwright boosted their target price on shares of Glaukos from $168.00 to $195.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. UBS Group initiated coverage on Glaukos in a report on Tuesday, July 28th. They issued a "neutral" rating and a $150.00 target price on the stock. Finally, William Blair restated an "outperform" rating on shares of Glaukos in a research note on Tuesday, May 26th. Twelve equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $178.08.

About Glaukos

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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