Globus Medical, Inc. (NYSE:GMED) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC lowered its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 1.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 251,975 shares of the medical device company’s stock after selling 2,513 shares during the quarter. Gabelli Funds LLC owned approximately 0.19% of Globus Medical worth $13,516,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in GMED. Pacer Advisors Inc. grew its position in shares of Globus Medical by 76.0% during the fourth quarter. Pacer Advisors Inc. now owns 17,339 shares of the medical device company’s stock worth $924,000 after buying an additional 7,486 shares in the last quarter. Washington Capital Management Inc. bought a new position in Globus Medical during the fourth quarter worth $554,000. Oak Thistle LLC lifted its stake in Globus Medical by 81.4% during the fourth quarter. Oak Thistle LLC now owns 16,037 shares of the medical device company’s stock worth $855,000 after purchasing an additional 7,196 shares during the last quarter. Compass Ion Advisors LLC lifted its stake in Globus Medical by 13.6% during the fourth quarter. Compass Ion Advisors LLC now owns 38,655 shares of the medical device company’s stock worth $2,060,000 after purchasing an additional 4,630 shares during the last quarter. Finally, Boston Trust Walden Corp lifted its stake in Globus Medical by 0.3% during the fourth quarter. Boston Trust Walden Corp now owns 750,021 shares of the medical device company’s stock worth $39,969,000 after purchasing an additional 2,173 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Piper Sandler upgraded Globus Medical from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $60.00 to $80.00 in a research note on Monday, May 20th. Stifel Nicolaus raised their price objective on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Barclays raised their target price on Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday, May 8th. Finally, Morgan Stanley raised their target price on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.30.

Insider Buying and Selling

In related news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Dan Lemaitre sold 63,300 shares of Globus Medical stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The disclosure for this sale can be found here. Insiders have sold a total of 84,300 shares of company stock valued at $5,459,813 over the last three months. Company insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

Shares of NYSE GMED traded up $0.14 during midday trading on Friday, reaching $71.89. 786,116 shares of the company traded hands, compared to its average volume of 802,537. Globus Medical, Inc. has a 52 week low of $43.38 and a 52 week high of $74.16. The stock has a 50-day moving average price of $68.22 and a 200 day moving average price of $58.99. The company has a market cap of $9.73 billion, a price-to-earnings ratio of 112.33, a PEG ratio of 2.00 and a beta of 1.15.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, beating 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 analysts’ expectations of $586.82 million. During the same period in the previous year, the business earned $0.53 earnings per share. The company’s revenue was up 119.3% on a year-over-year basis. As a group, analysts expect that Globus Medical, Inc. will post 2.82 EPS for the current year.

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.