Globus Medical (NYSE:GMED) PT Raised to $78.00

Globus Medical (NYSE:GMED) had its price objective raised by Royal Bank of Canada from $76.00 to $78.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the medical device company’s stock.

Several other analysts also recently commented on GMED. Morgan Stanley lifted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an equal weight rating in a report on Monday, July 15th. Piper Sandler raised Globus Medical from a neutral rating to an overweight rating and upped their target price for the company from $60.00 to $80.00 in a research report on Monday, May 20th. Needham & Company LLC reiterated a hold rating on shares of Globus Medical in a research note on Wednesday. Wells Fargo & Company raised Globus Medical from an equal weight rating to an overweight rating and upped their price objective for the company from $60.00 to $78.00 in a report on Wednesday. Finally, BTIG Research increased their price objective on Globus Medical from $72.00 to $75.00 and gave the stock 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 assigned a buy rating to the company’s stock. According to MarketBeat, Globus Medical presently has a consensus rating of Moderate Buy and an average price target of $77.00.

Globus Medical Trading Down 1.0 %

Shares of Globus Medical stock traded down $0.72 during trading on Wednesday, hitting $73.20. 1,164,814 shares of the stock were exchanged, compared to its average volume of 1,084,507. The company has a fifty day moving average price of $69.16 and a 200-day moving average price of $60.06. The stock has a market capitalization of $9.91 billion, a price-to-earnings ratio of 114.38, a price-to-earnings-growth ratio of 1.95 and a beta of 1.15. Globus Medical has a 1-year low of $43.38 and a 1-year high of $74.21.

Globus Medical (NYSE:GMED) last released 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 firm had revenue of $629.69 million for the quarter, compared to analyst estimates of $615.33 million. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The business’s revenue for the quarter was up 115.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.63 earnings per share. Equities research analysts forecast that Globus Medical will post 2.82 EPS for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other 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 transaction, the director now owns 16,419 shares in the company, valued at approximately $1,149,330. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several institutional investors and hedge funds have recently made changes to their positions in GMED. Old West Investment Management LLC grew its holdings in Globus Medical by 8.0% in the second quarter. Old West Investment Management LLC now owns 122,196 shares of the medical device company’s stock worth $8,369,000 after purchasing an additional 9,005 shares during the period. Montag & Caldwell LLC raised its position in shares of Globus Medical by 30.5% during the second quarter. Montag & Caldwell LLC now owns 19,374 shares of the medical device company’s stock worth $1,327,000 after purchasing an additional 4,528 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Globus Medical by 5.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 266,207 shares of the medical device company’s stock worth $18,232,000 after purchasing an additional 13,221 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in Globus Medical by 13.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 25,110 shares of the medical device company’s stock valued at $1,720,000 after purchasing an additional 3,059 shares during the period. Finally, Schiavi & Co LLC bought a new stake in Globus Medical during the 2nd quarter valued at $205,000. 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.