Globus Medical, Inc. (NYSE:GMED) Receives $77.20 Average Price Target from Analysts

Globus Medical, Inc. (NYSE:GMED) has been given an average rating of “Moderate Buy” by the eleven ratings firms that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $77.20.

A number of brokerages have recently commented on GMED. BTIG Research upped their price target on Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $78.00 in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Morgan Stanley upped their price target on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Finally, Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and upped their price target for the company from $60.00 to $80.00 in a research note on Monday, May 20th.

Globus Medical Trading Down 0.2 %

Shares of NYSE:GMED opened at $69.26 on Monday. The stock has a market capitalization of $9.38 billion, a P/E ratio of 108.22, a P/E/G ratio of 1.93 and a beta of 1.17. Globus Medical has a 1-year low of $43.38 and a 1-year high of $74.21. The business has a 50-day moving average price of $70.79 and a two-hundred day moving average price of $62.80.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.07. The firm had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The company’s quarterly revenue was up 115.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.63 EPS. As a group, equities analysts predict that Globus Medical will post 2.84 EPS for the current year.

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the transaction, the director now owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 18.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

Large investors have recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC acquired a new position in Globus Medical during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC boosted its holdings in shares of Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares during the last quarter. YHB Investment Advisors Inc. acquired a new stake in shares of Globus Medical in the 1st quarter valued at approximately $50,000. International Assets Investment Management LLC acquired a new stake in shares of Globus Medical in the 2nd quarter valued at approximately $52,000. Finally, Mather Group LLC. acquired a new stake in shares of Globus Medical in the 1st quarter valued at approximately $69,000. Institutional investors and hedge funds 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.