Wells Fargo & Company Upgrades Globus Medical (NYSE:GMED) to “Overweight”

Wells Fargo & Company upgraded shares of Globus Medical (NYSE:GMED) from an equal weight rating to an overweight rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has $78.00 price target on the medical device company’s stock, up from their previous price target of $60.00.

A number of other research firms have also weighed in on GMED. Barclays increased their price objective on shares of Globus Medical from $83.00 to $85.00 and gave the stock an overweight rating in a research report on Thursday, May 9th. BTIG Research increased their price target on Globus Medical from $72.00 to $75.00 and gave the stock a buy rating in a report on Monday, July 15th. Piper Sandler raised Globus Medical from a neutral rating to an overweight rating and raised their price target for the stock from $60.00 to $80.00 in a research note on Monday, May 20th. Needham & Company LLC reaffirmed a hold rating on shares of Globus Medical in a research report on Wednesday, May 8th. Finally, Stifel Nicolaus lifted their target price on Globus Medical from $64.00 to $70.00 and gave the stock a buy rating in a research report on Wednesday, May 8th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $77.00.

Globus Medical Price Performance

GMED stock opened at $73.20 on Wednesday. The company has a market capitalization of $9.91 billion, a price-to-earnings ratio of 114.38, a PEG 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. The business has a 50 day simple moving average of $69.16 and a two-hundred day simple moving average of $60.06.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On Globus Medical

Institutional investors and hedge funds have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC acquired a new position in Globus Medical in the 2nd quarter worth approximately $33,000. GAMMA Investing LLC boosted its holdings in shares of Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after acquiring an additional 453 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Globus Medical in the second quarter worth $52,000. YHB Investment Advisors Inc. purchased a new position in shares of Globus Medical during the first quarter worth $50,000. Finally, Nisa Investment Advisors LLC lifted its position in Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after purchasing an additional 160 shares during the period. Institutional investors and hedge funds 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.