Globus Medical (NYSE:GMED) Price Target Raised to $95.00

Globus Medical (NYSE:GMED) had its price objective increased by Wells Fargo & Company from $88.00 to $95.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an overweight rating on the medical device company’s stock.

Several other equities analysts also recently commented on the stock. Roth Mkm restated a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a research note on Wednesday, November 6th. Royal Bank of Canada lifted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group upped their target price on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $91.00.

Globus Medical Stock Up 0.1 %

Shares of NYSE:GMED opened at $82.94 on Wednesday. Globus Medical has a 12-month low of $46.75 and a 12-month high of $87.22. The business has a 50 day moving average of $78.06 and a 200-day moving average of $72.52. The stock has a market cap of $11.29 billion, a PE ratio of 123.79, a P/E/G ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same period last year, the firm posted $0.57 EPS. The firm’s revenue for the quarter was up 63.1% compared to the same quarter last year. Equities research analysts expect that Globus Medical will post 2.97 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The trade was a 25.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,500 shares of company stock worth $8,730,350 in the last ninety days. 18.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently bought and sold shares of GMED. V Square Quantitative Management LLC acquired a new stake in shares of Globus Medical during the third quarter valued at about $27,000. Ashton Thomas Private Wealth LLC bought a new position in Globus Medical in the 2nd quarter valued at approximately $33,000. Quarry LP boosted its position in Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after buying an additional 433 shares during the period. Farther Finance Advisors LLC grew its holdings in Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after acquiring an additional 385 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Globus Medical in the 2nd quarter valued at approximately $52,000. 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.