Globus Medical (NYSE:GMED) Price Target Raised to $83.00 at Morgan Stanley

by · The Cerbat Gem

Globus Medical (NYSE:GMED – Get Free Report) had its target price boosted by equities researchers at Morgan Stanley from $74.00 to $83.00 in a report released on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the medical device company’s stock. Morgan Stanley’s price objective suggests a potential upside of 2.62% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Barclays raised their target price on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Roth Mkm reaffirmed a “buy” rating and set a $100.00 price objective on shares of Globus Medical in a research note on Wednesday, November 6th. Royal Bank of Canada increased their price target on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Bank of America upped their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company lifted their target price on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and a consensus price target of $88.18.

Get Our Latest Stock Report on GMED

Globus Medical Stock Down 1.3 %

Shares of Globus Medical stock opened at $80.88 on Monday. Globus Medical has a 52-week low of $43.38 and a 52-week high of $84.87. The company has a 50 day moving average of $72.28 and a 200 day moving average of $68.58. The company has a market capitalization of $10.95 billion, a P/E ratio of 120.72, a P/E/G ratio of 1.93 and a beta of 1.17.

Globus Medical (NYSE:GMED – Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.57 EPS. As a group, research analysts anticipate that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,000 shares of company stock worth $8,512,850. 18.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Globus Medical

Large investors have recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new position in Globus Medical in the 3rd quarter worth $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in Globus Medical during the 2nd quarter worth approximately $33,000. Farther Finance Advisors LLC boosted its stake in shares of Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after buying an additional 385 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after buying an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Globus Medical in the second quarter valued at $52,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

About Globus Medical

(Get Free Report)

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.

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