Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Globus Medical (NYSE:GMED) had its target price hoisted by Wells Fargo & Company from $88.00 to $95.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the medical device company’s stock.

Other analysts also recently issued research reports about the company. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Piper Sandler lifted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. BTIG Research boosted their price target on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, November 6th. Finally, Stifel Nicolaus upped their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.18.

Globus Medical Trading Down 0.4 %

GMED opened at $82.42 on Wednesday. The business has a 50 day moving average of $78.58 and a 200-day moving average of $72.66. The stock has a market capitalization of $11.22 billion, a price-to-earnings ratio of 123.45, a P/E/G ratio of 1.99 and a beta of 1.19. Globus Medical has a 1-year low of $49.14 and a 1-year high of $87.22.

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

Insider Transactions at Globus Medical

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction on 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 have sold 97,500 shares of company stock valued at $7,674,950 in the last three months. 18.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Large investors have recently modified their holdings of the stock. Lord Abbett & CO. LLC acquired a new stake in shares of Globus Medical in the third quarter valued at approximately $37,948,000. Franklin Resources Inc. acquired a new stake in shares of Globus Medical in the 3rd quarter valued at $3,833,000. Synovus Financial Corp raised its position in shares of Globus Medical by 9.8% during the third quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company’s stock worth $1,024,000 after acquiring an additional 1,281 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in shares of Globus Medical by 11.3% during the third quarter. Wilmington Savings Fund Society FSB now owns 14,470 shares of the medical device company’s stock valued at $1,035,000 after acquiring an additional 1,470 shares during the period. Finally, Sanctuary Advisors LLC boosted its holdings in Globus Medical by 33.9% in the third quarter. Sanctuary Advisors LLC now owns 11,945 shares of the medical device company’s stock valued at $855,000 after acquiring an additional 3,022 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.