Globus Medical (NYSE:GMED) Price Target Increased to $93.00 by Analysts at Barclays

Globus Medical (NYSE:GMED) had its price target raised by Barclays from $85.00 to $93.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the medical device company’s stock.

Several other research firms have also issued reports on GMED. Morgan Stanley increased their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the stock an equal weight rating in a research report on Monday, July 15th. Stifel Nicolaus increased their price objective on shares of Globus Medical from $64.00 to $70.00 and gave the stock a buy rating in a research report on Wednesday, May 8th. BTIG Research increased their price objective on shares of Globus Medical from $72.00 to $75.00 and gave the stock a buy rating in a research report on Monday, July 15th. Truist Financial increased their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the stock a hold rating in a research report on Wednesday. Finally, Needham & Company LLC reissued a hold rating on shares of Globus Medical in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Globus Medical presently has a consensus rating of Moderate Buy and a consensus price target of $77.00.

Globus Medical Price Performance

Shares of NYSE GMED traded down $0.70 on Thursday, hitting $73.22. The company’s stock had a trading volume of 1,164,814 shares, compared to its average volume of 1,084,507. Globus Medical has a 12-month low of $43.38 and a 12-month high of $74.21. The company has a market capitalization of $9.91 billion, a price-to-earnings ratio of 114.41, a price-to-earnings-growth ratio of 1.95 and a beta of 1.15. The stock has a 50 day moving average of $69.16 and a 200-day moving average of $60.02.

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

Insiders Place Their Bets

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the sale, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

Several large investors have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC acquired a new position in Globus Medical during the 2nd quarter valued at $33,000. GAMMA Investing LLC raised 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 valued at $43,000 after purchasing an additional 453 shares during the last quarter. YHB Investment Advisors Inc. acquired a new position in Globus Medical during the 1st quarter valued at $50,000. International Assets Investment Management LLC acquired a new position in Globus Medical during the 2nd quarter valued at $52,000. Finally, Allworth Financial LP raised its stake 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 valued at $66,000 after purchasing an additional 254 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

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.