Globus Medical (NYSE:GMED) Price Target Raised to $80.00 at Bank of America

Globus Medical (NYSE:GMED) had its price objective hoisted by Bank of America from $55.00 to $80.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has an underperform rating on the medical device company’s stock.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley boosted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Barclays upped their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Truist Financial upped their price objective on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, Royal Bank of Canada raised their price objective on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and a consensus price target of $87.09.

Globus Medical Trading Down 0.2 %

Shares of GMED traded down $0.16 during mid-day trading on Wednesday, reaching $82.55. 216,822 shares of the stock traded hands, compared to its average volume of 994,517. The company has a market cap of $11.18 billion, a price-to-earnings 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. The firm has a fifty day moving average price of $71.92 and a 200 day moving average price of $68.16.

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

Insider Activity at Globus Medical

In related 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 transaction of $2,251,200.00. Following the transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. 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 hyperlink. In other news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Globus Medical

Hedge funds have recently bought and sold shares of the business. Swedbank AB lifted its holdings in shares of Globus Medical by 15.4% during the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after purchasing an additional 50,000 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in Globus Medical by 17.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock valued at $77,852,000 after buying an additional 172,605 shares during the last quarter. GSA Capital Partners LLP bought a new stake in Globus Medical in the first quarter worth $429,000. State Board of Administration of Florida Retirement System grew its stake in shares of Globus Medical by 12.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock worth $4,839,000 after acquiring an additional 9,754 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of Globus Medical during the second quarter valued at $611,000. Institutional investors own 95.16% of the company’s stock.

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.