Globus Medical (NYSE:GMED) Given New $85.00 Price Target at Canaccord Genuity Group

Globus Medical (NYSE:GMED) had its price target lifted by Canaccord Genuity Group from $79.00 to $85.00 in a report released on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical device company’s stock.

Several other analysts have also recently commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday. Wells Fargo & Company upped their target price on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday. Bank of America lifted their price target on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday. 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. Finally, Royal Bank of Canada raised their price target on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and an average target price of $87.09.

Globus Medical Stock Down 0.4 %

GMED stock traded down $0.31 during trading on Wednesday, hitting $82.40. The company had a trading volume of 393,329 shares, compared to its average volume of 995,334. The firm has a 50-day moving average price of $71.92 and a 200-day moving average price of $68.16. The firm has a market cap of $11.16 billion, a PE ratio of 275.67, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17. Globus Medical has a 1-year low of $43.38 and a 1-year high of $84.87.

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

Insider Transactions at Globus Medical

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

Institutional Investors Weigh In On Globus Medical

A number of hedge funds have recently added to or reduced their stakes in the stock. Burgundy Asset Management Ltd. increased its holdings in shares of Globus Medical by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock worth $172,245,000 after acquiring an additional 35,054 shares during the period. Champlain Investment Partners LLC grew its position in Globus Medical by 25.2% in the 1st quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock worth $134,335,000 after purchasing an additional 503,745 shares during the last quarter. Magnetar Financial LLC increased its stake in shares of Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after purchasing an additional 29,200 shares during the period. Geneva Capital Management LLC raised its holdings in shares of Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after buying an additional 18,117 shares during the last quarter. Finally, AXA S.A. boosted its position in shares of Globus Medical by 0.5% during the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after buying an additional 7,443 shares during the period. 95.16% of the stock is currently owned by 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.