Globus Medical (NYSE:GMED) Price Target Raised to $92.00

by · The Markets Daily

Globus Medical (NYSE:GMED – Free Report) had its price objective raised by Stifel Nicolaus from $80.00 to $92.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the medical device company’s stock.

GMED has been the subject of several other reports. Morgan Stanley upped their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. BTIG Research increased their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday. Barclays boosted their price target on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Finally, Piper Sandler lifted their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $87.09.

Read Our Latest Report on GMED

Globus Medical Stock Down 1.3 %

GMED stock traded down $1.09 during trading on Wednesday, reaching $80.88. The company’s stock had a trading volume of 1,804,199 shares, compared to its average volume of 934,414. Globus Medical has a 1 year low of $43.38 and a 1 year high of $84.87. The company has a market capitalization of $10.95 billion, a P/E ratio of 120.72, a price-to-earnings-growth ratio of 2.19 and a beta of 1.17. The company’s fifty day moving average is $72.28 and its 200-day moving average is $68.46.

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

Insider Activity

In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated 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 sale, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Ann D. Rhoads sold 15,000 shares of the 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 sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock worth $8,512,850 over the last 90 days. 18.54% of the stock is currently owned by company insiders.

Institutional Trading of Globus Medical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in shares of Globus Medical in the third quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC purchased a new position in Globus Medical in the second quarter valued at $33,000. Farther Finance Advisors LLC boosted its holdings in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the period. GAMMA Investing LLC grew its stake in Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Globus Medical in the 2nd quarter valued at about $52,000. Hedge funds and other institutional investors 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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