Cutera, Inc. (CUTR) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS
Cutera, Inc. (NASDAQ:CUTR) posted its quarterly earnings results on Monday. The medical device company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.10, Briefing.com reports. Cutera had a return on equity of 9.21% and a net margin of 2.89%. The business had revenue of $36.40 million for the quarter, compared to analyst estimates of $32.08 million. During the same period last year, the company earned $0.07 EPS. Cutera’s revenue for the quarter was up 32.4% compared to the same quarter last year.
Shares of Cutera (CUTR) traded up 25.70% during midday trading on Tuesday, hitting $33.50. The stock had a trading volume of 417,730 shares. Cutera has a 52-week low of $10.54 and a 52-week high of $34.00. The company’s 50 day moving average is $25.87 and its 200 day moving average is $21.85. The company has a market cap of $464.24 million, a PE ratio of 128.35 and a beta of 0.60.
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In other news, EVP Larry Laber sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $25.88, for a total transaction of $25,880.00. Following the transaction, 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 legal filing with the SEC, which is available at this link. Also, Director David A. Gollnick sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $25.08, for a total value of $250,800.00. Following the transaction, the director now directly owns 26,641 shares in the company, valued at approximately $668,156.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,563 shares of company stock worth $1,485,360. Insiders own 3.30% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new position in Cutera during the fourth quarter worth approximately $321,000. State Street Corp boosted its position in Cutera by 1.9% in the fourth quarter. State Street Corp now owns 171,125 shares of the medical device company’s stock worth $2,970,000 after buying an additional 3,191 shares in the last quarter. Teachers Advisors LLC boosted its position in Cutera by 56.0% in the fourth quarter. Teachers Advisors LLC now owns 38,794 shares of the medical device company’s stock worth $673,000 after buying an additional 13,923 shares in the last quarter. Dalton Greiner Hartman Maher & Co. boosted its position in Cutera by 2.3% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 201,064 shares of the medical device company’s stock worth $4,162,000 after buying an additional 4,615 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in Cutera by 57.0% in the first quarter. Acadian Asset Management LLC now owns 145,347 shares of the medical device company’s stock worth $3,009,000 after buying an additional 52,751 shares in the last quarter. 82.87% of the stock is currently owned by hedge funds and other institutional investors.
Cutera announced that its Board of Directors has authorized a share buyback program on Monday, August 7th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the medical device company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
CUTR has been the topic of several recent research reports. BidaskClub lowered Cutera from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Maxim Group restated a “buy” rating and set a $33.00 price target (up from $27.00) on shares of Cutera in a research report on Thursday, July 13th. Zacks Investment Research upgraded Cutera from a “sell” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Tuesday, June 20th. Sidoti restated a “buy” rating and set a $32.00 price target (up from $30.00) on shares of Cutera in a research report on Friday, July 7th. Finally, Roth Capital initiated coverage on Cutera in a research report on Monday, June 26th. They set a “buy” rating and a $32.00 price target on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $33.25.
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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