Royal Bank of Canada Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its target price raised by research analysts at Royal Bank of Canada from $80.00 to $92.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the medical device company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 13.12% from the company’s current price.

A number of other equities analysts have also weighed in on the company. Wells Fargo & Company increased their price target on Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday. Barclays raised their price target on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Morgan Stanley raised their price target on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Finally, Piper Sandler raised their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.20.

Globus Medical Price Performance

Shares of GMED traded up $5.75 during trading hours on Wednesday, reaching $81.33. 1,681,549 shares of the company’s stock traded hands, compared to its average volume of 987,973. The firm has a market capitalization of $11.01 billion, a price-to-earnings ratio of 271.10, a P/E/G ratio of 2.07 and a beta of 1.17. Globus Medical has a twelve month low of $43.38 and a twelve month high of $84.74. The business’s fifty day simple moving average is $71.69 and its two-hundred day simple moving average is $68.06.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The company’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period last year, the company earned $0.57 earnings per share. On average, equities research analysts expect that Globus Medical will post 2.84 EPS for the current year.

Insider Buying and Selling at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors have recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new stake in shares of Globus Medical during the 3rd quarter worth approximately $27,000. Ashton Thomas Private Wealth LLC acquired a new position in Globus Medical during the second quarter valued at approximately $33,000. Farther Finance Advisors LLC grew its holdings in Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the period. GAMMA Investing LLC grew its holdings in Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Globus Medical in the second quarter valued at approximately $52,000. 95.16% of the stock is owned by institutional investors.

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.