State of Alaska Department of Revenue Sells 9,393 Shares of Glaukos Corporation $GKOS

Key Points

• Alaska’s Department of Revenue cut its Glaukos stake by 48.6% in the third quarter, selling 9,393 shares and retaining 9,950 shares valued at approximately $1.63 million. Institutional investors collectively own 99.04% of the company.
• Glaukos reported quarterly revenue of $185.61 million, up 49.6% year over year, and an adjusted loss of $0.14 per share that beat analyst expectations. However, the company remained unprofitable, with a negative net margin of 30.68%.
• Analyst sentiment remains positive, with 13 Buy ratings and a consensus “Moderate Buy” rating, while insiders sold about $14.95 million of stock over the past three months.

State of Alaska Department of Revenue lowered its stake in Glaukos Corporation (NYSE:GKOS - Free Report) by 48.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,950 shares of the medical instruments supplier's stock after selling 9,393 shares during the period. State of Alaska Department of Revenue's holdings in Glaukos were worth $1,633,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Allworth Financial LP bought a new stake in shares of Glaukos during the 2nd quarter worth $28,000. CoreCap Advisors LLC acquired a new position in shares of Glaukos in the 3rd quarter worth $33,000. Fortitude Family Office LLC acquired a new stake in shares of Glaukos during the third quarter worth $36,000. Parallel Advisors LLC raised its position in shares of Glaukos by 159.2% during the first quarter. Parallel Advisors LLC now owns 368 shares of the medical instruments supplier's stock worth $40,000 after purchasing an additional 226 shares during the period. Finally, IFP Advisors Inc raised its position in shares of Glaukos by 523.4% during the second quarter. IFP Advisors Inc now owns 293 shares of the medical instruments supplier's stock worth $41,000 after purchasing an additional 246 shares during the period. Institutional investors own 99.04% of the company's stock.

Glaukos Price Performance

NYSE GKOS opened at $166.98 on Tuesday. Glaukos Corporation has a twelve month low of $73.16 and a twelve month high of $191.62. The company has a current ratio of 5.04, a quick ratio of 4.46 and a debt-to-equity ratio of 0.10. The firm's 50 day moving average price is $172.08 and its two-hundred day moving average price is $148.69.

Glaukos (NYSE:GKOS - Get Free Report) last announced its earnings results on Wednesday, July 29th. The medical instruments supplier reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.07. The company had revenue of $185.61 million for the quarter, compared to the consensus estimate 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 revenue was up 49.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.24) EPS. As a group, sell-side analysts forecast that Glaukos Corporation will post -0.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Alex R. Thurman sold 20,000 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $180.13, for a total value of $3,602,600.00. Following the completion of the sale, the chief financial officer directly owned 43,906 shares of the company's stock, valued at approximately $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 is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Joseph Gilliam sold 60,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was 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 approximately $13,046,967.12. This represents 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 83,025 shares of company stock worth $14,950,006. 5.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Stifel Nicolaus increased their price target on Glaukos from $175.00 to $190.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Truist Financial lifted 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. UBS Group initiated coverage on Glaukos in a report on Tuesday, July 28th. They set a "neutral" rating and a $150.00 price objective on the stock. Jefferies Financial Group boosted their price objective on Glaukos from $190.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, September 22nd. Finally, Needham & Company LLC upped their price objective on shares of Glaukos from $150.00 to $201.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $181.43.

Glaukos Profile

Glaukos Corporation is an ophthalmic medical-technology company focused on developing and commercializing therapies for chronic eye diseases. The company's principal areas of focus include glaucoma, corneal disorders and retinal diseases, with an emphasis on treatments that may reduce reliance on conventional pharmaceuticals or more invasive surgical procedures.

Glaukos is best known for its micro-invasive glaucoma surgery (MIGS) products, including the iStent family of implantable devices used to help lower intraocular pressure in patients with glaucoma.

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