Cutera, Inc. (NASDAQ:CUTR) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS
Cutera, Inc. (NASDAQ:CUTR) announced its quarterly earnings data 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 company had revenue of $36.40 million for the quarter, compared to analysts’ expectations of $32.08 million. During the same quarter in the prior year, the firm earned $0.07 earnings per share. Cutera’s revenue was up 32.4% compared to the same quarter last year.
Shares of Cutera (NASDAQ:CUTR) traded up 25.70% during mid-day trading on Tuesday, reaching $33.50. The company’s stock had a trading volume of 417,730 shares. Cutera has a one year low of $10.54 and a one year high of $34.00. The stock has a market cap of $464.24 million, a P/E ratio of 128.35 and a beta of 0.60. The stock has a 50 day moving average of $25.87 and a 200-day moving average of $21.85.
In other Cutera news, Director David A. Gollnick sold 39,204 shares of the business’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 transaction, the director now owns 34,136 shares in the company, valued at $761,574.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Larry Laber sold 1,000 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 73,140 shares of the company’s stock, valued at approximately $1,892,863.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,563 shares of company stock valued at $1,485,360. Insiders own 3.30% of the company’s stock.
Several institutional investors have recently bought and sold shares of CUTR. American International Group Inc. increased its position 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 buying an additional 475 shares during the period. Metropolitan Life Insurance Co. NY acquired a new position in Cutera during the first quarter valued at approximately $202,000. Trexquant Investment LP acquired a new position in Cutera during the first quarter valued at approximately $267,000. Russell Investments Group Ltd. acquired a new position in Cutera during the fourth quarter valued at approximately $321,000. Finally, Driehaus Capital Management LLC acquired a new position in Cutera during the first quarter valued at approximately $363,000. Institutional investors and hedge funds own 82.87% of the company’s stock.
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CUTR has been the topic of several research analyst reports. Sidoti initiated coverage on Cutera in a research note on Tuesday, April 11th. They issued a “buy” rating and a $27.00 price objective on the stock. Zacks Investment Research raised Cutera from a “sell” rating to a “buy” rating and set a $28.00 price objective on the stock in a research note on Tuesday, June 20th. BidaskClub cut Cutera from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Roth Capital initiated coverage on Cutera in a research note on Monday, June 26th. They issued a “buy” rating and a $32.00 price objective on the stock. Finally, TheStreet cut Cutera from a “b-” rating to a “c” rating in a research note on Monday, May 1st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Cutera presently has a consensus rating of “Buy” and an average price target of $33.25.
Cutera announced that its Board of Directors has initiated a stock repurchase plan on Monday, August 7th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the medical device company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
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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