StockNews.com Upgrades Globus Medical (NYSE:GMED) to Buy

Globus Medical (NYSE:GMED) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Other analysts have also issued research reports about the company. Morgan Stanley increased their target price on Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a report on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Bank of America raised their price target on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, November 6th. Truist Financial raised their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company raised 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, November 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.18.

Globus Medical Price Performance

GMED stock traded up $1.49 on Tuesday, reaching $83.48. The company’s stock had a trading volume of 1,444,115 shares, compared to its average volume of 1,008,427. Globus Medical has a 52 week low of $43.68 and a 52 week high of $84.87. The company has a market capitalization of $11.30 billion, a P/E ratio of 124.60, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. The firm has a fifty day moving average of $72.47 and a two-hundred day moving average of $68.92.

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 analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business’s revenue for the quarter was up 63.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. As a group, equities analysts expect that Globus Medical will post 2.97 EPS for the current fiscal year.

Insider Activity

In other news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of Globus Medical 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 completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,000 shares of company stock worth $8,512,850. Insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several institutional investors and hedge funds have recently made changes to their positions in the company. Swedbank AB lifted its position in Globus Medical by 6.7% in the 3rd quarter. Swedbank AB now owns 400,000 shares of the medical device company’s stock valued at $28,616,000 after acquiring an additional 25,000 shares in the last quarter. Algert Global LLC lifted its position in Globus Medical by 54.7% in the 3rd quarter. Algert Global LLC now owns 121,233 shares of the medical device company’s stock valued at $8,673,000 after acquiring an additional 42,850 shares in the last quarter. Cerity Partners LLC lifted its position in Globus Medical by 25.9% in the 3rd quarter. Cerity Partners LLC now owns 45,750 shares of the medical device company’s stock valued at $3,273,000 after acquiring an additional 9,404 shares in the last quarter. Nicolet Advisory Services LLC lifted its position in Globus Medical by 6.4% in the 3rd quarter. Nicolet Advisory Services LLC now owns 7,209 shares of the medical device company’s stock valued at $505,000 after acquiring an additional 435 shares in the last quarter. Finally, Raymond James Trust N.A. bought a new stake in Globus Medical in the 3rd quarter valued at $205,000. Institutional investors and hedge funds 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.