Globus Medical (NYSE:GMED) Given New $92.00 Price Target at Stifel Nicolaus

Globus Medical (NYSE:GMED) had its target price boosted by Stifel Nicolaus from $80.00 to $92.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the medical device company’s stock.

Other research analysts have also issued reports about the stock. Piper Sandler boosted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday. Bank of America upped their target price on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday. Truist Financial lifted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. BTIG Research upped their price target on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $87.09.

Globus Medical Trading Down 1.3 %

Shares of Globus Medical stock traded down $1.09 on Wednesday, hitting $80.88. The stock had a trading volume of 1,804,199 shares, compared to its average volume of 934,414. The company’s 50 day moving average price is $72.28 and its 200 day moving average price is $68.46. The stock has a market cap of $10.95 billion, a price-to-earnings ratio of 120.72, a P/E/G ratio of 2.19 and a beta of 1.17. Globus Medical has a 52-week low of $43.38 and a 52-week high of $84.87.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same period last year, the firm posted $0.57 EPS. Globus Medical’s revenue for the quarter was up 63.1% on a year-over-year basis. Analysts predict that Globus Medical will post 2.97 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value 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 $3,017,318.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,000 shares of company stock valued at $8,512,850. 18.54% of the stock is owned by insiders.

Institutional Trading of Globus Medical

Several institutional investors have recently added to or reduced their stakes in the business. Select Equity Group L.P. acquired a new position in Globus Medical during the 2nd quarter valued at approximately $91,711,000. Millennium Management LLC boosted its holdings in shares of Globus Medical by 1,171.5% during the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after acquiring an additional 1,256,570 shares during the period. Magnetar Financial LLC increased its holdings in shares of Globus Medical by 198.6% in the 1st quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock worth $90,613,000 after acquiring an additional 1,123,540 shares during the period. Motley Fool Asset Management LLC increased its holdings in shares of Globus Medical by 1,263.7% in the 1st quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock worth $45,496,000 after acquiring an additional 785,970 shares during the period. Finally, Burgundy Asset Management Ltd. lifted its position in Globus Medical by 46.1% in the 1st quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock valued at $133,018,000 after purchasing an additional 782,285 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

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.