Cytek Biosciences, Inc. (NASDAQ:CTKB) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 0.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 506,925 shares of the company’s stock after acquiring an additional 3,753 shares during the quarter. Principal Financial Group Inc. owned 0.39% of Cytek Biosciences worth $3,290,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. State Street Corp grew its position in Cytek Biosciences by 4.9% in the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after acquiring an additional 194,369 shares in the last quarter. Geode Capital Management LLC grew its position in Cytek Biosciences by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after acquiring an additional 89,210 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Cytek Biosciences by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock valued at $5,712,000 after acquiring an additional 113,127 shares in the last quarter. FMR LLC grew its position in Cytek Biosciences by 4.8% in the third quarter. FMR LLC now owns 667,076 shares of the company’s stock valued at $3,696,000 after acquiring an additional 30,386 shares in the last quarter. Finally, Algert Global LLC grew its position in Cytek Biosciences by 11.5% in the third quarter. Algert Global LLC now owns 329,375 shares of the company’s stock valued at $1,825,000 after acquiring an additional 34,100 shares in the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CTKB has been the subject of a number of recent analyst reports. The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a research report on Sunday, February 2nd. Piper Sandler decreased their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday.

Cytek Biosciences Trading Up 0.2 %

CTKB stock opened at $4.31 on Wednesday. Cytek Biosciences, Inc. has a twelve month low of $4.20 and a twelve month high of $8.44. The company has a market capitalization of $555.18 million, a P/E ratio of -53.87 and a beta of 1.40. The firm has a 50 day simple moving average of $5.74 and a 200-day simple moving average of $5.74.

Cytek Biosciences declared that its Board of Directors has initiated a stock buyback program on Monday, December 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

About Cytek Biosciences

Cytek Biosciences, Inc, a cell analysis solutions company, provides cell analysis tools that facilitates scientific advances in biomedical research and clinical applications. It offers aurora and northern lights systems, which are spectrum flow cytometers that delivers cell analysis by utilizing the fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells; and aurora cell sorter system that leverages full spectrum profiling technology to further broaden potential applications across cell analysis; aurora CS systems; amnis imagestream imaging flow cytometers; guava muse cell analyzers; guava easycyte flow cytometers; and orion reagent cocktail preparation systems.