Cadence Capital Management LLC reduced its stake in Cutera, Inc. (NASDAQ:CUTR) by 30.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,662 shares of the medical device company’s stock after selling 14,572 shares during the quarter. Cadence Capital Management LLC owned about 0.24% of Cutera worth $1,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Legal & General Group Plc raised its stake in Cutera by 69.6% in the third quarter. Legal & General Group Plc now owns 3,600 shares of the medical device company’s stock valued at $149,000 after purchasing an additional 1,477 shares in the last quarter. Granite Investment Partners LLC purchased a new stake in Cutera in the third quarter valued at approximately $1,532,000. Dynamic Technology Lab Private Ltd purchased a new stake in Cutera in the third quarter valued at approximately $264,000. Macquarie Group Ltd. purchased a new stake in Cutera in the third quarter valued at approximately $699,000. Finally, Ameriprise Financial Inc. grew its position in Cutera by 4.1% during the third quarter. Ameriprise Financial Inc. now owns 127,600 shares of the medical device company’s stock valued at $5,276,000 after acquiring an additional 5,043 shares during the last quarter. 87.74% of the stock is currently owned by institutional investors and hedge funds.
Cutera, Inc. (NASDAQ:CUTR) opened at $41.95 on Friday. Cutera, Inc. has a 52-week low of $15.90 and a 52-week high of $47.15. The company has a market cap of $587.51, a P/E ratio of 52.63, a price-to-earnings-growth ratio of 1.78 and a beta of 0.53.
Cutera declared that its Board of Directors has initiated a stock repurchase program 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 reacquire up to 6.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, EVP Larry Laber sold 1,700 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $42.15, for a total value of $71,655.00. Following the transaction, the executive vice president now owns 72,413 shares in the company, valued at $3,052,207.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Apfelberg sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $38.45, for a total transaction of $38,450.00. The disclosure for this sale can be found here. Insiders sold 20,725 shares of company stock worth $843,253 in the last 90 days. Company insiders own 11.60% of the company’s stock.
A number of research analysts have commented on CUTR shares. Roth Capital increased their price target on shares of Cutera from $32.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday, August 8th. Gabelli reiterated a “buy” rating on shares of Cutera in a research report on Wednesday, August 9th. BidaskClub upgraded shares of Cutera from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. TheStreet upgraded shares of Cutera from a “c” rating to a “b” rating in a research report on Friday, August 18th. Finally, Maxim Group cut shares of Cutera from a “buy” rating to a “hold” rating in a research report on Thursday, September 14th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $37.33.
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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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