Globus Medical (NYSE:GMED) Earns Hold Rating from Needham & Company LLC

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating reaffirmed by analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports.

A number of other equities research analysts also recently commented on GMED. StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a report on Tuesday, January 28th. BTIG Research lifted their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Truist Financial increased their price target on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Roth Mkm lifted their price objective on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Finally, Piper Sandler increased their target price on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Stock Performance

GMED stock opened at $87.60 on Thursday. The stock’s 50 day moving average price is $86.52 and its 200 day moving average price is $78.03. The firm has a market cap of $11.93 billion, a P/E ratio of 130.75, a PEG ratio of 1.78 and a beta of 1.19. Globus Medical has a 1 year low of $49.33 and a 1 year high of $94.93.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS 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 business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same quarter last year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 63.1% compared to the same quarter last year. On average, research analysts predict that Globus Medical will post 2.98 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the business’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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Institutional investors and hedge funds have recently bought and sold shares of the stock. SBI Securities Co. Ltd. acquired a new position in shares of Globus Medical during the fourth quarter worth $27,000. V Square Quantitative Management LLC purchased a new stake in Globus Medical during the 3rd quarter worth $27,000. Quarry LP lifted its holdings in Globus Medical by 698.4% in 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 in the last quarter. UMB Bank n.a. boosted its position in Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after buying an additional 206 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 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.