Globus Medical (NYSE:GMED) Given “Hold” Rating at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Globus Medical (NYSE:GMED) in a research note published on Tuesday,Benzinga reports.

A number of other research firms also recently issued reports on GMED. Wells Fargo & Company reduced their price target on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Morgan Stanley raised shares of 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 note on Monday, December 2nd. StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Thursday, March 13th. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $80.00 to $97.00 in a research note on Thursday, January 9th. Finally, Canaccord Genuity Group boosted their price objective on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.09.

Globus Medical Stock Down 0.7 %

Shares of NYSE:GMED opened at $71.63 on Tuesday. The company has a market cap of $9.85 billion, a P/E ratio of 95.50, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical has a 52 week low of $49.33 and a 52 week high of $94.93. The company has a 50-day moving average price of $84.39 and a 200 day moving average price of $79.79.

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

Insiders Place Their Bets

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a document filed with the SEC, which is available at this link. 18.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors have recently added to or reduced their stakes in GMED. Quest Partners LLC acquired a new position in Globus Medical in the 3rd quarter worth $523,000. Pathstone Holdings LLC raised its stake in shares of Globus Medical by 2.6% in the 3rd quarter. Pathstone Holdings LLC now owns 41,007 shares of the medical device company’s stock valued at $2,934,000 after purchasing an additional 1,055 shares in the last quarter. Segall Bryant & Hamill LLC raised its stake in shares of Globus Medical by 7.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 387,737 shares of the medical device company’s stock valued at $27,739,000 after purchasing an additional 26,047 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after purchasing an additional 15,283 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of Globus Medical in the 3rd quarter valued at about $26,406,000. 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.