Globus Medical (NYSE:GMED) Stock Price Up 3% – Still a Buy?

Globus Medical, Inc. (NYSE:GMED) rose 3% on Wednesday . The stock traded as high as $86.14 and last traded at $85.92. Approximately 274,605 shares were traded during trading, a decline of 63% from the average daily volume of 750,507 shares. The stock had previously closed at $83.45.

Analysts Set New Price Targets

A number of equities analysts have recently commented on GMED shares. Canaccord Genuity Group lifted their target price on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday. Stifel Nicolaus boosted their price target on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Piper Sandler upped their target price on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Roth Mkm upped their price target on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Finally, StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Price Performance

The firm has a market capitalization of $11.86 billion, a price-to-earnings ratio of 129.99, a PEG ratio of 1.97 and a beta of 1.19. The firm has a 50 day moving average price of $82.81 and a 200-day moving average price of $75.02.

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

Insider Transactions at Globus Medical

In related news, SVP Kelly Huller sold 2,500 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,500 shares of company stock worth $7,674,950. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Everence Capital Management Inc. acquired a new position in shares of Globus Medical during the 4th quarter worth approximately $204,000. GAMMA Investing LLC raised its position in shares of Globus Medical by 41.7% during the 4th quarter. GAMMA Investing LLC now owns 1,258 shares of the medical device company’s stock worth $104,000 after purchasing an additional 370 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in shares of Globus Medical during the 3rd quarter worth approximately $37,948,000. Franklin Resources Inc. acquired a new position in shares of Globus Medical during the 3rd quarter worth approximately $3,833,000. Finally, Synovus Financial Corp raised its position in shares of Globus Medical by 9.8% during the 3rd quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company’s stock worth $1,024,000 after purchasing an additional 1,281 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.