Globus Medical (NYSE:GMED) Downgraded by Zacks Research to “Hold”

Globus Medical (NYSE:GMED) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

GMED has been the subject of several other reports. Royal Bank Of Canada upped their target price on shares of Globus Medical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Barclays lifted their price target on shares of Globus Medical from $106.00 to $114.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Wells Fargo & Company boosted their price objective on shares of Globus Medical from $66.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $105.00 price objective (up previously from $93.00) on shares of Globus Medical in a research note on Tuesday, November 18th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and a consensus price target of $92.82.

Globus Medical Trading Down 0.6%

Globus Medical stock opened at $87.85 on Tuesday. Globus Medical has a 1-year low of $51.79 and a 1-year high of $94.93. The firm has a market capitalization of $11.76 billion, a PE ratio of 28.34, a price-to-earnings-growth ratio of 1.63 and a beta of 1.07. The firm’s 50 day simple moving average is $73.32 and its 200 day simple moving average is $63.40.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. The firm had revenue of $769.05 million during the quarter, compared to analyst estimates of $734.58 million. Globus Medical had a net margin of 15.30% and a return on equity of 11.52%. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.83 EPS. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. Research analysts forecast that Globus Medical will post 3.44 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the transaction, the director owned 25,384 shares in the company, valued at approximately $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David D. Davidar sold 25,000 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $86.00, for a total transaction of $2,150,000.00. Following the transaction, the director directly owned 516,275 shares of the company’s stock, valued at approximately $44,399,650. This trade represents a 4.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 96,042 shares of company stock valued at $8,003,630 over the last quarter. Company insiders own 18.51% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Advisory Services Network LLC purchased a new stake in Globus Medical in the 3rd quarter worth approximately $26,000. EverSource Wealth Advisors LLC raised its holdings in shares of Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after acquiring an additional 197 shares in the last quarter. Advisors Asset Management Inc. bought a new position in shares of Globus Medical during the second quarter valued at approximately $28,000. First Horizon Corp purchased a new stake in Globus Medical in the third quarter worth $31,000. Finally, Parallel Advisors LLC boosted its holdings in Globus Medical by 45.1% in the third quarter. Parallel Advisors LLC now owns 557 shares of the medical device company’s stock valued at $32,000 after acquiring an additional 173 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.