ArrowMark Colorado Holdings LLC Buys Shares of 614,295 Globus Medical, Inc. (NYSE:GMED)

ArrowMark Colorado Holdings LLC purchased a new position in Globus Medical, Inc. (NYSE:GMED) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 614,295 shares of the medical device company’s stock, valued at approximately $43,947,000. ArrowMark Colorado Holdings LLC owned approximately 0.45% of Globus Medical as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Select Equity Group L.P. purchased a new stake in shares of Globus Medical during the second quarter valued at $91,711,000. Millennium Management LLC lifted its stake in Globus Medical by 1,171.5% during the 2nd 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. Artemis Investment Management LLP purchased a new stake in shares of Globus Medical during the 3rd quarter valued at about $30,656,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of Globus Medical during the 3rd quarter valued at about $26,406,000. Finally, Victory Capital Management Inc. grew its stake in shares of Globus Medical by 855.3% in the second quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company’s stock worth $26,112,000 after acquiring an additional 341,342 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction on 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 in the company, valued at $3,017,318.24. This represents a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock worth $8,512,850 in the last ninety days. 18.54% of the stock is owned by company insiders.

Globus Medical Trading Up 0.4 %

NYSE GMED opened at $85.61 on Monday. The stock has a market cap of $11.66 billion, a PE ratio of 127.78, a PEG ratio of 2.04 and a beta of 1.17. Globus Medical, Inc. has a 12 month low of $44.02 and a 12 month high of $86.00. The company’s 50-day moving average price is $76.26 and its 200-day moving average price is $71.63.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same period in the prior year, the firm earned $0.57 EPS. The company’s revenue for the quarter was up 63.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on GMED shares. Truist Financial increased their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Barclays boosted their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company increased their price target on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.73.

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.