Royal Bank of Canada Increases Globus Medical (NYSE:GMED) Price Target to $80.00

Globus Medical (NYSE:GMED) had its price objective hoisted by Royal Bank of Canada from $78.00 to $80.00 in a report released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the medical device company’s stock.

Several other research firms have also commented on GMED. Needham & Company LLC reissued a hold rating on shares of Globus Medical in a research note on Wednesday, August 7th. Morgan Stanley increased their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an equal weight rating in a research note on Monday, July 15th. Truist Financial increased their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a hold rating in a research note on Wednesday, August 7th. Barclays upped their price target on shares of Globus Medical from $85.00 to $93.00 and gave the company an overweight rating in a research report on Thursday, August 8th. Finally, BTIG Research raised their price objective on shares of Globus Medical from $75.00 to $77.00 and gave the stock a buy rating in a research note on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Globus Medical has an average rating of Moderate Buy and an average price target of $77.40.

Globus Medical Price Performance

Globus Medical stock opened at $70.55 on Tuesday. The firm has a 50 day simple moving average of $70.42 and a 200-day simple moving average of $65.14. The stock has a market capitalization of $9.55 billion, a PE ratio of 235.43, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. Globus Medical has a 12-month low of $43.38 and a 12-month high of $74.21.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. During the same period in the prior year, the business earned $0.63 earnings per share. The business’s quarterly revenue was up 115.9% on a year-over-year basis. On average, analysts forecast that Globus Medical will post 2.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction 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 sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GMED. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical during the 2nd quarter valued at about $33,000. GAMMA Investing LLC lifted its stake in Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after acquiring an additional 453 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Globus Medical in the second quarter worth approximately $52,000. Mather Group LLC. acquired a new position in shares of Globus Medical during the 1st quarter worth $69,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after purchasing an additional 160 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.