Globus Medical (NYSE:GMED) Stock Rating Reaffirmed by Needham & Company LLC

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating reissued by stock analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports.

A number of other research firms have also recently commented on GMED. Barclays upped their price target on 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 lifted their target price on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Truist Financial increased their price target on shares of Globus Medical from $63.00 to $78.00 and gave the stock a “hold” rating in a research report on Tuesday, July 16th. Wells Fargo & Company raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $60.00 to $78.00 in a research note on Wednesday. Finally, BTIG Research raised their price target on shares of Globus Medical from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Globus Medical Stock Down 1.0 %

NYSE:GMED traded down $0.72 on Wednesday, reaching $73.20. The company’s stock had a trading volume of 1,164,655 shares, compared to its average volume of 1,082,794. The firm has a market cap of $9.91 billion, a price-to-earnings ratio of 115.52, a price-to-earnings-growth ratio of 1.95 and a beta of 1.15. Globus Medical has a 12-month low of $43.38 and a 12-month high of $74.21. The stock has a 50 day moving average price of $69.04 and a 200 day moving average price of $59.90.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.07. The company had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. During the same quarter last year, the firm posted $0.63 earnings per share. Globus Medical’s revenue was up 115.9% compared to the same quarter last year. Equities research analysts expect that Globus Medical will post 2.82 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 18.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Globus Medical

Several institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new position in shares of Globus Medical in the fourth quarter valued at approximately $2,118,000. Allworth Financial LP raised its position in Globus Medical by 25.7% during the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after buying an additional 254 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Globus Medical by 16.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock worth $53,873,000 after acquiring an additional 141,492 shares during the period. Cerity Partners LLC purchased a new stake in shares of Globus Medical in the fourth quarter valued at about $320,000. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Globus Medical during the fourth quarter worth about $1,727,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

About Globus Medical

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.