Cutera (CUTR) Board Initiates Share Repurchase Program
Cutera (NASDAQ:CUTR) declared that its board has initiated a stock repurchase plan, which permits the company to repurchase $25.00 million in shares on Monday, August 7th, EventVestor reports. This repurchase authorization permits the medical device company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Several research firms recently issued reports on CUTR. Roth Capital boosted their target price on shares of Cutera from $32.00 to $39.00 and gave the company a “buy” rating in a research note on Tuesday. BidaskClub cut shares of Cutera from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Sidoti began coverage on shares of Cutera in a research note on Tuesday, April 11th. They issued a “buy” rating and a $27.00 target price for the company. Zacks Investment Research cut shares of Cutera from a “buy” rating to a “hold” rating in a research note on Monday, June 26th. Finally, Maxim Group reiterated a “buy” rating and issued a $33.00 target price (up from $27.00) on shares of Cutera in a research note on Thursday, July 13th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Cutera presently has an average rating of “Buy” and a consensus price target of $33.25.
Cutera (NASDAQ:CUTR) traded up 24.02% during trading on Tuesday, hitting $33.05. 310,893 shares of the company traded hands. Cutera has a 52-week low of $10.54 and a 52-week high of $33.95. The firm has a market cap of $458.01 million, a price-to-earnings ratio of 126.63 and a beta of 0.60. The company’s 50-day moving average is $25.87 and its 200 day moving average is $21.85.
Cutera (NASDAQ:CUTR) last issued its quarterly earnings results on Monday, August 7th. The medical device company reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.10. Cutera had a return on equity of 9.21% and a net margin of 2.89%. The firm had revenue of $36.40 million during the quarter, compared to the consensus estimate of $32.08 million. During the same period last year, the company earned $0.07 earnings per share. The company’s revenue for the quarter was up 32.4% on a year-over-year basis. On average, equities analysts anticipate that Cutera will post $0.46 earnings per share for the current year.
In other Cutera news, EVP Larry Laber sold 1,000 shares of the firm’s stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $25.88, for a total value of $25,880.00. Following the completion of the sale, the executive vice president now owns 73,140 shares of the company’s stock, valued at $1,892,863.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director David A. Gollnick sold 39,204 shares of the firm’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $22.31, for a total value of $874,641.24. Following the completion of the sale, the director now directly owns 34,136 shares of the company’s stock, valued at approximately $761,574.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 64,563 shares of company stock valued at $1,485,360. Corporate insiders own 3.30% of the company’s stock.
Cutera Company Profile
Cutera, Inc is a medical device company. The Company is engaged in the design, development, manufacture, marketing and servicing of laser and other energy-based aesthetics systems for practitioners across the world. The Company offers products based on product platforms, such as enlighten, excel HR, truSculpt, excel V and xeo, each of which enables physicians and other practitioners to perform aesthetic procedures for customers.
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