Globus Medical (NYSE:GMED) Price Target Raised to $101.00

Globus Medical (NYSE:GMED) had its target price hoisted by Canaccord Genuity Group from $92.00 to $101.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the medical device company’s stock.

Other analysts have also issued research reports about the stock. Truist Financial lifted their target price on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Piper Sandler boosted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Thursday. Roth Mkm boosted their price target on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Finally, Wells Fargo & Company boosted their price target on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Stock Performance

GMED opened at $87.09 on Friday. The company has a fifty day moving average price of $83.06 and a two-hundred day moving average price of $75.27. Globus Medical has a 52 week low of $49.33 and a 52 week high of $90.48. The firm has a market capitalization of $11.86 billion, a PE ratio of 129.99, a P/E/G ratio of 1.97 and a beta of 1.19.

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

Insider Activity at Globus Medical

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares in the company, valued at $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp raised its holdings in shares of Globus Medical by 2.3% in 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 purchasing an additional 81,371 shares during the period. Burgundy Asset Management Ltd. raised its holdings in shares of Globus Medical by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after purchasing an additional 35,054 shares during the period. Geode Capital Management LLC raised its holdings in shares of Globus Medical by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after purchasing an additional 21,935 shares during the period. Magnetar Financial LLC raised its holdings in shares of Globus Medical by 1.7% in the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after purchasing an additional 29,200 shares during the period. Finally, Geneva Capital Management LLC raised its holdings in shares of Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after purchasing an additional 18,117 shares during the period. 95.16% of the stock is owned by institutional investors.

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.