Brokerages Set Globus Medical, Inc. (NYSE:GMED) PT at $69.40

Shares of Globus Medical, Inc. (NYSE:GMED) have earned an average rating of “Moderate Buy” from the eleven research firms that are presently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $69.40.

Several equities analysts recently issued reports on GMED shares. Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $60.00 to $80.00 in a research report on Monday, May 20th. BTIG Research increased their price objective on Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. Barclays lifted their price target on shares of Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. Stifel Nicolaus increased their price objective on shares of Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday, May 8th.

Globus Medical Stock Down 0.5 %

NYSE GMED opened at $68.49 on Wednesday. The stock’s 50 day moving average is $62.32 and its 200 day moving average is $56.51. The firm has a market capitalization of $9.27 billion, a PE ratio of 107.02, a P/E/G ratio of 1.91 and a beta of 1.15. Globus Medical has a twelve month low of $43.38 and a twelve month high of $69.12.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. The business had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The business’s revenue was up 119.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 earnings per share. On average, research analysts anticipate that Globus Medical will post 2.82 earnings per share for the current year.

Insider Activity

In related news, Director Dan Lemaitre sold 63,300 shares of Globus Medical stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Globus Medical news, Director David D. Davidar sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total transaction of $1,300,000.00. Following the completion of the transaction, the director now owns 566,275 shares in the company, valued at approximately $36,807,875. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dan Lemaitre sold 63,300 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Globus Medical by 49.7% during the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after acquiring an additional 3,732,959 shares during the last quarter. Norges Bank bought a new position in Globus Medical during the 4th quarter valued at about $95,537,000. Magnetar Financial LLC grew its holdings in Globus Medical by 198.6% during the 1st quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock valued at $90,613,000 after purchasing an additional 1,123,540 shares during the last quarter. Vestal Point Capital LP purchased a new stake in shares of Globus Medical in the fourth quarter worth approximately $42,632,000. Finally, Motley Fool Asset Management LLC increased its stake in Globus Medical by 1,263.7% in the first quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock worth $45,496,000 after purchasing an additional 785,970 shares during the period. Institutional investors own 95.16% of the company’s stock.

Globus Medical Company Profile

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.