Globus Medical, Inc. (NYSE:GMED) Director Sells $70,000.00 in Stock

Globus Medical, Inc. (NYSE:GMED) Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Globus Medical Stock Performance

NYSE GMED opened at $72.83 on Thursday. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $73.28. The firm’s fifty day moving average is $67.04 and its two-hundred day moving average is $58.04. The firm has a market cap of $9.86 billion, a PE ratio of 113.80, a P/E/G ratio of 2.01 and a beta of 1.15.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The business had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. During the same period in the previous year, the business posted $0.53 earnings per share. The business’s revenue was up 119.3% compared to the same quarter last year. Research analysts predict that Globus Medical, Inc. will post 2.82 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vestal Point Capital LP acquired a new position in shares of Globus Medical during the fourth quarter worth about $42,632,000. Millrace Asset Group Inc. acquired a new position in shares of Globus Medical during the fourth quarter worth about $2,103,000. Van ECK Associates Corp increased its stake in shares of Globus Medical by 82.6% during the fourth quarter. Van ECK Associates Corp now owns 34,380 shares of the medical device company’s stock worth $1,832,000 after acquiring an additional 15,552 shares during the period. Leeward Investments LLC MA increased its stake in shares of Globus Medical by 27.6% during the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after acquiring an additional 48,047 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Globus Medical by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,007,812 shares of the medical device company’s stock worth $53,706,000 after buying an additional 60,060 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GMED. Stifel Nicolaus boosted their price target on shares of Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. BTIG Research boosted their price target on shares of Globus Medical from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Monday. Morgan Stanley boosted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday. Barclays boosted their price target on shares of Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, May 9th. Finally, Piper Sandler upgraded shares of Globus Medical from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $73.30.

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.