Glaukos (NYSE:GKOS) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Glaukos from “buy” to “hold,” though the broader analyst view remains positive with a consensus rating of “Moderate Buy” and an average price target of $154.85.
• Recent earnings beat expectations: Glaukos reported an adjusted loss of $0.18 per share versus the expected $0.30 loss, while revenue rose 41.2% year over year to $150.57 million.
• Insiders sold shares recently, including the COO and CFO, even as institutional ownership remains very high at 99.04% of the company’s stock.

Glaukos (NYSE:GKOS - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

A number of other analysts have also recently weighed in on GKOS. Citigroup boosted their price target on Glaukos from $162.00 to $175.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Piper Sandler reissued an "overweight" rating and set a $165.00 price objective on shares of Glaukos in a report on Wednesday, July 1st. JPMorgan Chase & Co. raised their price objective on Glaukos from $120.00 to $140.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Truist Financial raised their price objective on Glaukos from $160.00 to $180.00 and gave the company a "buy" rating in a research note on Thursday. Finally, BTIG Research restated a "buy" rating and issued a $164.00 target price on shares of Glaukos in a report on Monday. Thirteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $154.85.

Glaukos Stock Performance

Shares of GKOS opened at $156.97 on Friday. The company's fifty day moving average is $134.39 and its 200-day moving average is $122.04. Glaukos has a 12 month low of $73.16 and a 12 month high of $161.53. The firm has a market cap of $9.22 billion, a price-to-earnings ratio of -47.86 and a beta of 0.75. 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 (NYSE:GKOS - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The medical instruments supplier reported ($0.18) earnings per share for the quarter, beating analysts' consensus estimates of ($0.30) by $0.12. The business 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%. Glaukos's revenue for the quarter was up 41.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.22) EPS. Equities analysts expect that Glaukos will post -0.57 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Joseph E. Gilliam sold 19,573 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $143.54, for a total transaction of $2,809,508.42. Following the completion of the transaction, the chief operating officer owned 73,419 shares of the company's stock, valued at approximately $10,538,563.26. The trade was a 21.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alex R. Thurman sold 10,000 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $140.00, for a total value of $1,400,000.00. Following the sale, the chief financial officer owned 43,681 shares of the company's stock, valued at approximately $6,115,340. The trade was a 18.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 61,273 shares of company stock worth $8,882,003 over the last quarter. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Glaukos

A number of institutional investors and hedge funds have recently bought and sold shares of GKOS. Janus Henderson Group PLC boosted its holdings in Glaukos by 77.2% in the 1st quarter. Janus Henderson Group PLC now owns 5,348,395 shares of the medical instruments supplier's stock valued at $575,844,000 after purchasing an additional 2,329,608 shares during the period. Wellington Management Group LLP increased its holdings in shares of Glaukos by 10.4% during the 3rd quarter. Wellington Management Group LLP now owns 3,580,670 shares of the medical instruments supplier's stock worth $292,004,000 after purchasing an additional 336,266 shares during the period. Primecap Management Co. CA increased its holdings in shares of Glaukos by 49.8% during the 4th quarter. Primecap Management Co. CA now owns 3,376,928 shares of the medical instruments supplier's stock worth $381,289,000 after purchasing an additional 1,123,140 shares during the period. State Street Corp raised its position in shares of Glaukos by 0.9% during the fourth quarter. State Street Corp now owns 2,122,402 shares of the medical instruments supplier's stock valued at $239,640,000 after buying an additional 18,040 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Glaukos by 3.5% during the second quarter. Ameriprise Financial Inc. now owns 1,999,252 shares of the medical instruments supplier's stock valued at $206,503,000 after buying an additional 68,497 shares during the last quarter. Institutional investors own 99.04% of the company's stock.

Glaukos Company Profile

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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