Alliancebernstein L.P. purchased a new stake in Cutera, Inc. (NASDAQ:CUTR) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 32,730 shares of the medical device company’s stock, valued at approximately $848,000. Alliancebernstein L.P. owned about 0.24% of Cutera at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. American International Group Inc. increased its stake in Cutera by 7.0% in the first 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. Metropolitan Life Insurance Co. NY acquired a new position in Cutera in the first quarter valued at $202,000. Driehaus Capital Management LLC acquired a new position in Cutera in the first quarter valued at $363,000. Bank of Montreal Can increased its stake in Cutera by 49.6% in the second quarter. Bank of Montreal Can now owns 15,957 shares of the medical device company’s stock valued at $413,000 after purchasing an additional 5,289 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Cutera by 55.2% in the first quarter. Russell Investments Group Ltd. now owns 28,406 shares of the medical device company’s stock valued at $589,000 after purchasing an additional 10,107 shares during the period. 89.72% of the stock is owned by hedge funds and other institutional investors.
Cutera, Inc. (CUTR) opened at 39.00 on Monday. The firm has a market capitalization of $546.20 million, a price-to-earnings ratio of 83.87 and a beta of 0.53. The firm has a 50-day moving average of $40.43 and a 200-day moving average of $29.64. Cutera, Inc. has a 1-year low of $12.45 and a 1-year high of $44.40.
Cutera (NASDAQ:CUTR) last posted its quarterly earnings results on Monday, August 7th. The medical device company reported $0.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.10. Cutera had a net margin of 5.07% and a return on equity of 11.64%. The company had revenue of $36.40 million for the quarter, compared to the consensus estimate of $32.08 million. During the same period last year, the firm posted $0.07 EPS. The company’s revenue for the quarter was up 32.4% on a year-over-year basis. On average, analysts expect that Cutera, Inc. will post $0.52 earnings per share for the current year.
Cutera announced that its Board of Directors has authorized a stock buyback plan on Monday, August 7th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the medical device company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts have commented on the stock. BidaskClub lowered shares of Cutera from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Maxim Group restated a “buy” rating and issued a $33.00 price objective (up from $27.00) on shares of Cutera in a research note on Thursday, July 13th. Roth Capital lifted their price objective on shares of Cutera from $32.00 to $39.00 and gave the company a “buy” rating in a research note on Tuesday, August 8th. Sidoti restated a “buy” rating and issued a $32.00 price objective (up from $30.00) on shares of Cutera in a research note on Friday, July 7th. Finally, TheStreet upgraded shares of Cutera from a “c” rating to a “b” rating in a research note on Friday, August 18th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Cutera currently has an average rating of “Buy” and an average price target of $37.33.
In related news, Director David B. Apfelberg sold 1,000 shares of Cutera stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $39.90, for a total value of $39,900.00. Following the sale, the director now directly owns 10,259 shares in the company, valued at approximately $409,334.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Timothy J. Oshea sold 4,000 shares of Cutera stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $39.21, for a total transaction of $156,840.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,809 shares of company stock worth $2,182,510. Insiders own 3.30% of the company’s stock.
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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