Glaukos Corporation $GKOS Shares Sold by Squarepoint Ops LLC

Key Points

• Squarepoint Ops cut its Glaukos stake by 86.9% in the second quarter, selling 93,882 shares and retaining 14,167 shares worth approximately $1.98 million. Institutional investors and hedge funds collectively own 99.04% of GKOS.
• Glaukos reported stronger-than-expected quarterly results, with revenue of $185.61 million—up 49.6% year over year—and a loss of $0.14 per share versus the $0.21 loss analysts expected.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $178.08. However, company insiders sold roughly 113,025 shares worth $19.6 million over the past three months.

Squarepoint Ops LLC reduced its holdings in shares of Glaukos Corporation (NYSE:GKOS - Free Report) by 86.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,167 shares of the medical instruments supplier's stock after selling 93,882 shares during the period. Squarepoint Ops LLC's holdings in Glaukos were worth $1,980,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Nykredit A S acquired a new position in shares of Glaukos in the second quarter worth $274,000. Parkside Financial Bank & Trust increased its position in shares of Glaukos by 20.5% during the second quarter. Parkside Financial Bank & Trust now owns 2,153 shares of the medical instruments supplier's stock worth $301,000 after acquiring an additional 367 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Glaukos in the second quarter valued at $755,000. California State Teachers Retirement System raised its stake in shares of Glaukos by 13,483.9% in the second quarter. California State Teachers Retirement System now owns 9,024,303 shares of the medical instruments supplier's stock valued at $1,261,237,000 after acquiring an additional 8,957,869 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Glaukos in the second quarter valued at $3,361,000. 99.04% of the stock is currently owned by institutional investors and hedge funds.

Glaukos Trading Up 2.2%

NYSE:GKOS opened at $170.92 on Tuesday. The company has a market capitalization of $10.08 billion, a PE ratio of -52.59 and a beta of 0.76. Glaukos Corporation has a 52-week low of $73.16 and a 52-week high of $191.62. The stock's 50 day moving average price is $170.49 and its 200 day moving average price is $138.98. 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, beating analysts' consensus estimates of ($0.21) by $0.07. The company had revenue of $185.61 million during the quarter, compared to analysts' expectations of $150.93 million. Glaukos had a negative return on equity of 6.37% and a negative net margin of 30.68%.The firm's revenue for the quarter was up 49.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.24) earnings per share. On average, research analysts anticipate that Glaukos Corporation will post -0.32 EPS for the current year.

Analysts Set New Price Targets

GKOS has been the subject of several analyst reports. Citigroup boosted their target price on Glaukos from $175.00 to $188.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Glaukos in a research report on Friday, July 17th. Wall Street Zen upgraded Glaukos from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Stifel Nicolaus boosted their price objective on Glaukos from $175.00 to $190.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Finally, Wells Fargo & Company upped their target price on shares of Glaukos from $138.00 to $178.00 and gave the stock an "overweight" rating in a research note on Thursday, July 30th. Twelve analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $178.08.

Insider Buying and Selling at Glaukos

In related news, CFO Alex R. Thurman sold 20,000 shares of the stock in a transaction on 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 completion of the sale, the chief financial officer owned 43,906 shares in the company, valued at $7,908,787.78. This represents a 31.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leana Wen sold 525 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $167.63, for a total transaction of $88,005.75. Following the sale, the director owned 21,092 shares of the company's stock, valued at approximately $3,535,651.96. This represents a 2.43% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 113,025 shares of company stock valued at $19,600,006. 5.90% of the stock is currently owned by insiders.

Glaukos Company 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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