Riverbridge Partners LLC Cuts Stock Position in Glaukos Corporation $GKOS

Key Points

• Riverbridge Partners cut its Glaukos stake by 19% in the first quarter, selling 101,941 shares and ending with 433,228 shares worth about $46.6 million.
• Glaukos posted better-than-expected quarterly results, with EPS of -$0.18 versus estimates of -$0.30 and revenue of $150.6 million, up 41.2% year over year.
• Insiders and analysts sent mixed signals: directors sold shares in recent weeks, while Wall Street’s consensus remains Moderate Buy with an average price target of $149.17.

Riverbridge Partners LLC decreased its position in shares of Glaukos Corporation (NYSE:GKOS - Free Report) by 19.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 433,228 shares of the medical instruments supplier's stock after selling 101,941 shares during the period. Glaukos comprises 1.1% of Riverbridge Partners LLC's investment portfolio, making the stock its 28th biggest position. Riverbridge Partners LLC owned approximately 0.75% of Glaukos worth $46,641,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Horizon Corp increased its stake in Glaukos by 1,715.4% during the fourth quarter. First Horizon Corp now owns 236 shares of the medical instruments supplier's stock worth $27,000 after purchasing an additional 223 shares during the period. Los Angeles Capital Management LLC purchased a new stake in Glaukos during the 4th quarter worth approximately $28,000. Larson Financial Group LLC increased its stake in Glaukos by 62.0% during the 4th 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 during the period. Farther Finance Advisors LLC lifted its holdings in Glaukos by 111.4% during the 4th 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 in the last quarter. Finally, Salomon & Ludwin LLC lifted its holdings in Glaukos by 111.2% during the 4th quarter. Salomon & Ludwin LLC now owns 454 shares of the medical instruments supplier's stock worth $51,000 after buying an additional 239 shares in the last quarter. 99.04% of the stock is currently owned by hedge funds and other institutional investors.

Glaukos Trading Up 3.0%

NYSE GKOS opened at $135.09 on Wednesday. The company has a quick ratio of 4.73, a current ratio of 5.43 and a debt-to-equity ratio of 0.10. Glaukos Corporation has a 52 week low of $73.16 and a 52 week high of $148.11. The stock has a market capitalization of $7.93 billion, a PE ratio of -41.19 and a beta of 0.82. The firm has a 50 day moving average of $126.03 and a two-hundred day moving average of $117.52.

Glaukos (NYSE:GKOS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The medical instruments supplier reported ($0.18) EPS for the quarter, beating analysts' consensus estimates of ($0.30) by $0.12. The company had revenue of $150.57 million for the quarter, compared to the consensus estimate of $137.00 million. Glaukos had a negative net margin of 34.34% and a negative return on equity of 6.92%. The company's quarterly revenue was up 41.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.22) EPS. As a group, research analysts expect that Glaukos Corporation will post -0.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other Glaukos news, Director Gilbert H. Kliman sold 5,000 shares of Glaukos stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $140.76, for a total transaction of $703,800.00. Following the completion of the sale, the director directly owned 35,528 shares of the company's stock, valued at $5,000,921.28. The trade was a 12.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leana Wen sold 1,700 shares of the company's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $143.35, for a total value of $243,695.00. Following the transaction, the director directly owned 19,739 shares of the company's stock, valued at approximately $2,829,585.65. This represents a 7.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 41,273 shares of company stock worth $5,832,003. 5.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wall Street Zen downgraded shares of Glaukos from a "buy" rating to a "hold" rating in a research note on Sunday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Glaukos in a research note on Tuesday, April 21st. Stifel Nicolaus set a $170.00 target price on Glaukos in a report on Thursday, April 30th. Needham & Company LLC boosted their target price on Glaukos from $136.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, June 17th. Finally, JPMorgan Chase & Co. boosted their target price on Glaukos from $120.00 to $140.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Twelve equities research 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 MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $149.17.

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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