Analysts Set Globus Medical, Inc. (NYSE:GMED) Price Target at $69.40

Shares of Globus Medical, Inc. (NYSE:GMED) have been assigned a consensus recommendation of “Moderate Buy” from the eleven analysts that are currently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $69.40.

Several equities research analysts have recently weighed in on GMED shares. Stifel Nicolaus increased their price objective on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. BTIG Research increased their price target on Globus Medical from $63.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Barclays increased their price target on Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. Finally, Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $60.00 to $80.00 in a report on Monday, May 20th.

Globus Medical Trading Down 0.5 %

GMED stock opened at $68.49 on Wednesday. The company has a market capitalization of $9.27 billion, a P/E ratio of 107.02, a PEG ratio of 1.90 and a beta of 1.15. Globus Medical has a twelve month low of $43.38 and a twelve month high of $69.12. The business has a 50 day simple moving average of $62.32 and a 200-day simple moving average of $56.40.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.17. The business had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The company’s revenue was up 119.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 earnings per share. Research analysts predict that Globus Medical will post 2.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David D. Davidar sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total value of $1,300,000.00. Following the completion of the transaction, the director now owns 566,275 shares of the company’s stock, valued at approximately $36,807,875. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Janney Montgomery Scott LLC boosted its stake in shares of Globus Medical by 16.7% during the third quarter. Janney Montgomery Scott LLC now owns 8,729 shares of the medical device company’s stock valued at $433,000 after acquiring an additional 1,250 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Globus Medical during the third quarter valued at $28,000. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Globus Medical during the third quarter valued at $340,000. Envestnet Asset Management Inc. boosted its stake in shares of Globus Medical by 48.7% during the third quarter. Envestnet Asset Management Inc. now owns 189,814 shares of the medical device company’s stock valued at $9,424,000 after acquiring an additional 62,202 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Globus Medical by 63.8% during the third quarter. Invesco Ltd. now owns 313,337 shares of the medical device company’s stock valued at $15,557,000 after acquiring an additional 122,039 shares during 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.