JPMorgan Chase & Co. trimmed its holdings in Cutera, Inc. (NASDAQ:CUTR) by 10.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 151,300 shares of the medical device company’s stock after selling 18,101 shares during the period. JPMorgan Chase & Co. owned 1.09% of Cutera worth $3,919,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. American International Group Inc. boosted its stake in shares of Cutera by 7.0% during the 1st quarter. American International Group Inc. now owns 7,221 shares of the medical device company’s stock worth $149,000 after purchasing an additional 475 shares during the last quarter. Metropolitan Life Insurance Co. NY acquired a new stake in shares of Cutera during the 1st quarter worth about $202,000. Driehaus Capital Management LLC acquired a new stake in shares of Cutera during the 1st quarter worth about $363,000. Bank of Montreal Can boosted its stake in shares of Cutera by 49.6% during the 2nd quarter. Bank of Montreal Can now owns 15,957 shares of the medical device company’s stock worth $413,000 after purchasing an additional 5,289 shares during the last quarter. Finally, Perceptive Advisors LLC acquired a new stake in shares of Cutera during the 1st quarter worth about $496,000. 89.15% of the stock is currently owned by hedge funds and other institutional investors.
Cutera, Inc. (NASDAQ:CUTR) opened at 39.95 on Wednesday. The firm has a market cap of $559.50 million, a P/E ratio of 85.91 and a beta of 0.53. Cutera, Inc. has a 12-month low of $12.45 and a 12-month high of $44.40. The firm has a 50-day moving average of $40.19 and a 200-day moving average of $28.42.
Cutera (NASDAQ:CUTR) last released its quarterly earnings data on Monday, August 7th. The medical device company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.10. The business had revenue of $36.40 million for the quarter, compared to analysts’ expectations of $32.08 million. Cutera had a return on equity of 11.64% and a net margin of 5.07%. Cutera’s quarterly revenue was up 32.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 earnings per share. On average, analysts expect that Cutera, Inc. will post $0.52 EPS for the current year.
Cutera announced that its Board of Directors has authorized a share repurchase plan on Monday, August 7th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
CUTR has been the topic of several recent analyst reports. Roth Capital began coverage on shares of Cutera in a report on Monday, June 26th. They set a “buy” rating and a $32.00 price objective on the stock. Sidoti restated a “buy” rating and issued a $32.00 price target (up previously from $30.00) on shares of Cutera in a report on Friday, July 7th. BidaskClub raised shares of Cutera from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Maxim Group reaffirmed a “buy” rating and issued a $33.00 price objective (up previously from $27.00) on shares of Cutera in a research report on Thursday, July 13th. Finally, Gabelli reaffirmed a “buy” rating on shares of Cutera in a research report on Wednesday, August 9th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $37.33.
In other Cutera news, CFO Ronald J. Santilli sold 12,000 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $34.00, for a total value of $408,000.00. Following the sale, the chief financial officer now directly owns 75,253 shares in the company, valued at $2,558,602. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ronald J. Santilli sold 28,519 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $34.01, for a total value of $969,931.19. Following the completion of the sale, the executive vice president now owns 75,253 shares in the company, valued at $2,559,354.53. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,309 shares of company stock worth $1,965,520. 3.30% of the stock is currently owned by company insiders.
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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