Zacks Investment Research Downgrades Cutera, Inc. (CUTR) to Hold

Cutera, Inc. (NASDAQ:CUTR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Cutera Inc designs, develops, manufactures and markets the CoolGlide family of products for use in laser and other light-based aesthetic applications. The original CoolGlide CV provides permanent hair reduction on all skin types. The second generation CoolGlide Excel incorporated features that added the capability to treat a variety of vascular lesions, which include facial telangiectasia, spider and reticular leg veins. The CoolGlide Vantage added non-ablative skin therapy to the range of applications offered by the system. “

CUTR has been the topic of a number of other reports. Roth Capital boosted their target price on Cutera from $32.00 to $39.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. Maxim Group lowered Cutera from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. BidaskClub raised Cutera from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Sidoti reissued a “buy” rating and set a $32.00 target price (up from $30.00) on shares of Cutera in a report on Friday, July 7th. Finally, TheStreet raised Cutera from a “c” rating to a “b” rating in a report on Friday, August 18th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $37.33.

Cutera (CUTR) opened at 43.35 on Tuesday. The firm’s 50-day moving average price is $39.68 and its 200 day moving average price is $28.06. The firm has a market cap of $607.12 million, a P/E ratio of 93.23 and a beta of 0.53. Cutera has a one year low of $12.45 and a one year high of $44.40.

Cutera (NASDAQ:CUTR) last posted its earnings results on Monday, August 7th. The medical device company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.10. The business had revenue of $36.40 million for the quarter, compared to analyst estimates of $32.08 million. Cutera had a return on equity of 11.64% and a net margin of 5.07%. The firm’s revenue was up 32.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.07 EPS. On average, equities research analysts forecast that Cutera will post $0.52 EPS for the current year.

Cutera declared that its board has authorized a share repurchase program on Monday, August 7th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the medical device company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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In related news, CFO Ronald J. Santilli sold 5,775 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $40.43, for a total transaction of $233,483.25. Following the transaction, the chief financial officer now directly owns 50,012 shares of the company’s stock, valued at approximately $2,021,985.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ronald J. Santilli sold 28,519 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $34.01, for a total value of $969,931.19. Following the transaction, the executive vice president now directly owns 75,253 shares in the company, valued at $2,559,354.53. The disclosure for this sale can be found here. Insiders have sold a total of 56,309 shares of company stock worth $1,965,520 over the last three months. 11.60% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CUTR. American International Group Inc. boosted its stake in Cutera by 7.0% in the 1st quarter. American International Group Inc. now owns 7,221 shares of the medical device company’s stock valued at $149,000 after purchasing an additional 475 shares during the period. Nationwide Fund Advisors boosted its stake in Cutera by 8.4% in the 2nd quarter. Nationwide Fund Advisors now owns 7,216 shares of the medical device company’s stock valued at $187,000 after purchasing an additional 561 shares during the period. Metropolitan Life Insurance Co. NY bought a new stake in Cutera in the 1st quarter valued at $202,000. Cubist Systematic Strategies LLC bought a new stake in Cutera in the 2nd quarter valued at $225,000. Finally, PNC Financial Services Group Inc. bought a new stake in Cutera in the 2nd quarter valued at $241,000. Institutional investors and hedge funds own 89.15% of the company’s stock.

About Cutera

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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