Globus Medical (NYSE:GMED) Price Target Raised to $104.00

Globus Medical (NYSE:GMED) had its price objective boosted by Wells Fargo & Company from $98.00 to $104.00 in a report released on Thursday,Benzinga reports. The firm currently has an overweight rating on the medical device company’s stock.

GMED has been the subject of several other research reports. Truist Financial set a $115.00 price target on shares of Globus Medical in a report on Wednesday. Bank of America raised shares of Globus Medical from a “neutral” rating to a “buy” rating and upped their target price for the stock from $65.00 to $91.00 in a research note on Friday, November 7th. Piper Sandler reissued an “overweight” rating and issued a $115.00 price target (up from $90.00) on shares of Globus Medical in a research note on Thursday, January 8th. Morgan Stanley upped their price objective on Globus Medical from $70.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. Finally, Zacks Research downgraded Globus Medical from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 9th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $104.36.

Globus Medical Trading Down 1.4%

NYSE:GMED opened at $95.39 on Thursday. Globus Medical has a 1 year low of $51.79 and a 1 year high of $101.40. The stock has a 50-day moving average price of $90.69 and a two-hundred day moving average price of $76.48. The stock has a market cap of $12.77 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 2.21 and a beta of 1.06.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, February 24th. The medical device company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.22. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.The business had revenue of $826.42 million for the quarter, compared to analysts’ expectations of $803.29 million. During the same quarter in the previous year, the business posted $0.84 EPS. Globus Medical’s revenue for the quarter was up 25.7% on a year-over-year basis. Sell-side analysts forecast that Globus Medical will post 3.44 earnings per share for the current year.

Insiders Place Their Bets

In other Globus Medical news, Director Leslie V. Norwalk sold 2,000 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total transaction of $202,200.00. Following the sale, the director directly owned 10,419 shares of the company’s stock, valued at approximately $1,053,360.90. This represents a 16.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Kelly Huller sold 20,000 shares of the stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total transaction of $1,890,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 54,136 shares of company stock valued at $5,001,033 in the last 90 days. 18.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Globus Medical

Institutional investors and hedge funds have recently modified their holdings of the company. ANTIPODES PARTNERS Ltd increased its position in shares of Globus Medical by 49,020.3% in the third quarter. ANTIPODES PARTNERS Ltd now owns 891,043 shares of the medical device company’s stock valued at $51,034,000 after acquiring an additional 889,229 shares during the period. Paradice Investment Management LLC grew its holdings in Globus Medical by 20.9% in the third quarter. Paradice Investment Management LLC now owns 663,038 shares of the medical device company’s stock worth $37,972,000 after purchasing an additional 114,433 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Globus Medical by 189.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 476,531 shares of the medical device company’s stock worth $27,953,000 after acquiring an additional 312,149 shares in the last quarter. Foresight Group Ltd Liability Partnership increased its holdings in shares of Globus Medical by 160.7% during the third quarter. Foresight Group Ltd Liability Partnership now owns 421,541 shares of the medical device company’s stock valued at $24,142,000 after acquiring an additional 259,870 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Globus Medical during the 3rd quarter valued at about $539,000. 95.16% of the stock is owned by institutional investors.

Globus Medical Company Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.