Globus Medical (NYSE:GMED) Price Target Cut to $93.00 by Analysts at Wells Fargo & Company

Globus Medical (NYSE:GMED) had its target price cut by Wells Fargo & Company from $95.00 to $93.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the medical device company’s stock.

Several other equities analysts have also issued reports on GMED. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. BTIG Research boosted their price objective on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Stifel Nicolaus boosted their price objective on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Friday. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Globus Medical has an average rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Performance

Shares of GMED opened at $80.43 on Friday. Globus Medical has a 52-week low of $49.33 and a 52-week high of $94.93. The business’s 50 day moving average price is $86.76 and its two-hundred day moving average price is $78.94. The firm has a market cap of $10.95 billion, a PE ratio of 120.04, a price-to-earnings-growth ratio of 1.60 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. Research analysts predict that Globus Medical will post 2.98 EPS for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Globus Medical by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock valued at $898,548,000 after purchasing an additional 240,218 shares during the period. State Street Corp lifted its position in shares of Globus Medical by 2.3% during the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after buying an additional 81,371 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Globus Medical by 7.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company’s stock valued at $231,946,000 after buying an additional 199,556 shares during the last quarter. Burgundy Asset Management Ltd. lifted its position in shares of Globus Medical by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock valued at $216,544,000 after buying an additional 43,330 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Globus Medical by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company’s stock valued at $156,969,000 after buying an additional 12,151 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.