Canaccord Genuity Group Raises Globus Medical (NYSE:GMED) Price Target to $101.00

Globus Medical (NYSE:GMED) had its price objective raised by Canaccord Genuity Group from $92.00 to $101.00 in a report issued on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the medical device company’s stock.

Several other research firms have also commented on GMED. Piper Sandler boosted their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Stifel Nicolaus increased their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Truist Financial lifted their price objective on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Roth Mkm increased their target price on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Finally, Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Trading Up 0.6 %

Shares of GMED opened at $87.09 on Friday. Globus Medical has a twelve month low of $49.33 and a twelve month high of $90.48. The firm has a market capitalization of $11.86 billion, a P/E ratio of 129.99, a PEG ratio of 1.97 and a beta of 1.19. The firm’s 50-day moving average is $83.06 and its two-hundred day moving average is $75.16.

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

Insider Activity

In other news, SVP Kelly Huller sold 5,000 shares of the company’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were 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. Insiders sold a total of 97,500 shares of company stock valued at $7,674,950 in the last 90 days. 18.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. V Square Quantitative Management LLC purchased a new stake in shares of Globus Medical in the third quarter worth about $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Globus Medical during the second quarter valued at approximately $33,000. Quarry LP lifted its position in shares of Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after purchasing an additional 433 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Globus Medical by 40.7% during the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after purchasing an additional 257 shares in the last quarter. Hedge funds and other 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.