Globus Medical (NYSE:GMED) Price Target Raised to $103.00 at Barclays

Globus Medical (NYSE:GMED) had its price target raised by Barclays from $100.00 to $103.00 in a report released on Monday,Benzinga reports. Barclays currently has an overweight rating on the medical device company’s stock.

Other analysts have also issued reports about the stock. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Piper Sandler increased their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Royal Bank of Canada lifted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Wells Fargo & Company lowered their target price on Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Finally, Truist Financial lifted their price target on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.82.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $80.04 on Monday. The firm’s 50 day simple moving average is $86.57 and its 200-day simple moving average is $79.25. Globus Medical has a one year low of $49.33 and a one year high of $94.93. The firm has a market cap of $10.90 billion, a PE ratio of 106.72, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. Equities research analysts predict that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Activity

In related 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was 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. Corporate insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

A number of large investors have recently bought and sold shares of GMED. SBI Securities Co. Ltd. acquired a new stake in Globus Medical during the 4th quarter valued at approximately $27,000. Quarry LP raised its holdings 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 during the last quarter. UMB Bank n.a. lifted its position in Globus Medical by 60.2% during the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after purchasing an additional 206 shares during the period. Farther Finance Advisors LLC boosted its holdings in 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 last quarter. Finally, V Square Quantitative Management LLC grew its position in Globus Medical by 52.0% during the 4th quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after purchasing an additional 197 shares during the period. 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.