Royal Bank of Canada Purchases 12,253 Shares of Glaukos Corporation $GKOS

Key Points

• Royal Bank of Canada increased its Glaukos stake by 6.4% in the first quarter, adding 12,253 shares for a total holding of 204,153 shares worth approximately $21.98 million. Institutional investors collectively own 99.04% of GKOS.
• Glaukos reported quarterly revenue of $185.61 million, up 49.6% year over year, and an adjusted loss of $0.14 per share that exceeded analyst expectations. The company continues to report negative profitability metrics, including a 30.68% net margin.
• Analyst sentiment is favorable, with a consensus “Moderate Buy” rating and an average price target of $177.33; several firms recently raised their targets. GKOS opened at $170.60, while company insiders have sold $6.12 million of shares over the past 90 days.

Royal Bank of Canada boosted its position in shares of Glaukos Corporation (NYSE:GKOS - Free Report) by 6.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 204,153 shares of the medical instruments supplier's stock after buying an additional 12,253 shares during the quarter. Royal Bank of Canada owned approximately 0.35% of Glaukos worth $21,979,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in GKOS. Quantinno Capital Management LP increased its position in shares of Glaukos by 964.0% in the first quarter. Quantinno Capital Management LP now owns 30,836 shares of the medical instruments supplier's stock valued at $3,320,000 after acquiring an additional 27,938 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of Glaukos by 5.2% during the first quarter. Lazard Asset Management LLC now owns 21,581 shares of the medical instruments supplier's stock worth $2,323,000 after purchasing an additional 1,062 shares during the period. Wealth Alliance LLC grew its stake in shares of Glaukos by 4.5% in the first 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 last quarter. Renaissance Technologies LLC purchased a new position in Glaukos during the 1st quarter valued at about $12,800,000. Finally, Inceptionr LLC bought a new position in Glaukos during the 1st quarter valued at approximately $468,000. Hedge funds and other institutional investors own 99.04% of the company's stock.

Glaukos Price Performance

Shares of GKOS opened at $170.60 on Thursday. Glaukos Corporation has a fifty-two week low of $73.16 and a fifty-two week high of $184.00. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.46 and a current ratio of 5.04. The stock has a market cap of $10.06 billion, a PE ratio of -52.49 and a beta of 0.78. The firm's 50-day simple moving average is $141.42 and its two-hundred day simple moving average is $126.46.

Glaukos (NYSE:GKOS - Get Free Report) last released its earnings results on Wednesday, July 29th. The medical instruments supplier reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.07. The business had revenue of $185.61 million for the quarter, compared to the consensus estimate of $150.93 million. Glaukos had a negative return on equity of 6.37% and a negative net margin of 30.68%.The company's revenue for the quarter was up 49.6% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.24) earnings per share. Analysts anticipate that Glaukos Corporation will post -0.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GKOS shares. Wall Street Zen upgraded Glaukos from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Truist Financial raised their price target on Glaukos from $180.00 to $215.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Piper Sandler reiterated an "overweight" rating and issued a $195.00 price target (up from $165.00) on shares of Glaukos in a report on Thursday, July 30th. Citigroup boosted their price objective on shares of Glaukos from $175.00 to $188.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Finally, William Blair restated an "outperform" rating on shares of Glaukos in a report on Tuesday, May 26th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $177.33.

Insider Buying and Selling

In other news, Director Leana Wen sold 525 shares of the business's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $167.63, for a total transaction of $88,005.75. Following the completion of the transaction, the director directly owned 21,092 shares of the company's stock, valued at $3,535,651.96. The trade was a 2.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gilbert H. Kliman sold 5,000 shares of the firm's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $140.76, for a total value of $703,800.00. Following the completion of the transaction, the director directly owned 35,528 shares in the company, valued at $5,000,921.28. The trade was a 12.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 40,525 shares of company stock worth $6,116,806. 5.90% of the stock is owned by corporate insiders.

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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