Globus Medical (NYSE:GMED) Price Target Raised to $78.00

Globus Medical (NYSE:GMED) had its price target lifted by analysts at Royal Bank of Canada from $76.00 to $78.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the medical device company’s stock. Royal Bank of Canada’s target price points to a potential upside of 8.23% from the stock’s previous close.

GMED has been the topic of several other reports. Stifel Nicolaus increased their target price on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $80.00 in a research report on Monday, May 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday. Barclays raised their price target on shares of Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Finally, Wells Fargo & Company raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $78.00 in a report on Wednesday. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $76.20.

Globus Medical Stock Up 4.4 %

NYSE GMED traded up $3.02 during mid-day trading on Wednesday, hitting $72.07. The stock had a trading volume of 1,009,780 shares, compared to its average volume of 1,074,302. The company has a 50 day simple moving average of $68.78 and a 200 day simple moving average of $59.73. The company has a market cap of $9.76 billion, a price-to-earnings ratio of 113.17, a P/E/G ratio of 1.95 and a beta of 1.15. Globus Medical has a 52-week low of $43.38 and a 52-week high of $74.21.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The business had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. During the same quarter last year, the business posted $0.63 earnings per share. The business’s revenue for the quarter was up 115.9% on a year-over-year basis. As a group, equities analysts anticipate that Globus Medical will post 2.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In related news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the sale, the director now directly owns 16,419 shares in the company, valued at $1,149,330. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction on 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. 18.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globus Medical

Hedge funds have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC acquired a new position in Globus Medical in the second quarter worth approximately $33,000. GAMMA Investing LLC boosted its position in Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares during the period. YHB Investment Advisors Inc. acquired a new position in Globus Medical during the first quarter valued at approximately $50,000. International Assets Investment Management LLC bought a new position in shares of Globus Medical in the second quarter valued at approximately $52,000. Finally, Allworth Financial LP lifted its stake in shares of Globus Medical by 25.7% in the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after buying an additional 254 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.