Sumitomo Mitsui Trust Group Inc. Makes New Investment in Glaukos Corporation $GKOS

Key Points

• Sumitomo Mitsui Trust Group opened a Glaukos position in the third quarter, buying 7,601 shares worth about $1.25 million. Institutional investors collectively own 99.04% of the company’s stock.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $216.71, with several firms recently raising their targets.
• Glaukos reported quarterly EPS of $0.47, beating estimates of a $0.10 loss, while revenue reached $211.03 million—up 58% year over year.

Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Glaukos Corporation (NYSE:GKOS - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,601 shares of the medical instruments supplier's stock, valued at approximately $1,248,000.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Glaukos in the second quarter valued at about $1,333,318,000. Jupiter Topco LLC acquired a new position in Glaukos during the 2nd quarter worth about $679,614,000. Primecap Management Co. CA acquired a new position in Glaukos during the 2nd quarter worth about $424,969,000. Janus Henderson Group PLC grew its holdings in Glaukos by 77.2% during the 1st quarter. Janus Henderson Group PLC now owns 5,348,395 shares of the medical instruments supplier's stock worth $575,844,000 after acquiring an additional 2,329,608 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new stake in Glaukos during the 2nd quarter worth about $92,476,000. Institutional investors own 99.04% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on GKOS shares. JPMorgan Chase & Co. raised their price objective on shares of Glaukos from $200.00 to $240.00 and gave the company an "overweight" rating in a research report on Thursday, October 29th. Wall Street Zen upgraded shares of Glaukos from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Needham & Company LLC increased their price target on shares of Glaukos from $201.00 to $251.00 and gave the company a "buy" rating in a research note on Thursday, October 29th. Jefferies Financial Group increased their price target on shares of Glaukos from $190.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, September 22nd. Finally, Citigroup lifted their target price on Glaukos from $225.00 to $247.00 and gave the company a "buy" rating in a research note on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Glaukos presently has an average rating of "Moderate Buy" and a consensus price target of $216.71.

Glaukos Stock Up 1.8%

GKOS stock opened at $223.96 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.57 and a quick ratio of 4.09. The stock has a market capitalization of $13.26 billion, a P/E ratio of -76.18 and a beta of 0.68. The business has a 50-day moving average of $178.24 and a 200-day moving average of $144.09. Glaukos Corporation has a fifty-two week low of $80.90 and a fifty-two week high of $255.18.

Glaukos (NYSE:GKOS - Get Free Report) last announced its earnings results on Wednesday, October 28th. The medical instruments supplier reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.57. Glaukos had a negative return on equity of 0.97% and a negative net margin of 24.60%. The business had revenue of $211.03 million for the quarter, compared to analyst estimates of $168.04 million. During the same quarter last year, the firm earned ($0.16) EPS. Glaukos's revenue for the quarter was up 58.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Glaukos Corporation will post 0.50 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Gilbert H. Kliman sold 2,500 shares of the company's stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $253.00, for a total value of $632,500.00. Following the transaction, the director owned 37,406 shares of the company's stock, valued at approximately $9,463,718. This represents a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Joseph Gilliam sold 60,000 shares of the company's stock in a transaction on 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 transaction, the chief operating officer directly owned 72,588 shares in the company, valued at approximately $13,046,967.12. This represents a 45.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 65,000 shares of company stock worth $11,891,900. 5.90% of the stock is owned by corporate insiders.

Glaukos Profile

Glaukos Corporation is an ophthalmic medical technology company that develops and commercializes treatments for glaucoma and other eye disorders. Its portfolio includes minimally invasive glaucoma surgery (MIGS) devices, such as the iStent family, and iDose TR, an implant designed to deliver glaucoma medication inside the eye over an extended period.

The company also offers products for corneal disorders, including technology used in corneal cross-linking procedures to treat keratoconus and other conditions that weaken the cornea.

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