Globus Medical (NYSE:GMED) Price Target Raised to $100.00

Globus Medical (NYSE:GMED) had its price target increased by research analysts at Piper Sandler from $80.00 to $100.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the medical device company’s stock. Piper Sandler’s price target suggests a potential upside of 32.29% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Barclays lifted their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Truist Financial boosted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Bank of America boosted their price target on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday. Royal Bank of Canada boosted their price target on shares of Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.00.

Globus Medical Stock Performance

NYSE GMED opened at $75.59 on Wednesday. Globus Medical has a 52-week low of $43.38 and a 52-week high of $76.13. The company has a market capitalization of $10.24 billion, a P/E ratio of 251.97, a P/E/G ratio of 2.07 and a beta of 1.17. The company has a fifty day moving average of $71.69 and a 200-day moving average of $68.06.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same period in the previous year, the firm posted $0.57 EPS. The firm’s revenue was up 63.1% compared to the same quarter last year. As a group, analysts forecast that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Activity

In related news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently bought and sold shares of GMED. Mirae Asset Global Investments Co. Ltd. grew its holdings in Globus Medical by 37.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,293 shares of the medical device company’s stock worth $1,679,000 after purchasing an additional 8,534 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Globus Medical by 26.9% in the first quarter. Janney Montgomery Scott LLC now owns 35,640 shares of the medical device company’s stock worth $1,912,000 after buying an additional 7,565 shares in the last quarter. Capstone Investment Advisors LLC bought a new position in shares of Globus Medical in the first quarter worth approximately $308,000. GSA Capital Partners LLP bought a new position in shares of Globus Medical in the first quarter worth approximately $429,000. Finally, Texas Permanent School Fund Corp lifted its stake in shares of Globus Medical by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 100,964 shares of the medical device company’s stock worth $5,416,000 after buying an additional 1,311 shares in the last quarter. Hedge funds and other 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.