Globus Medical (NYSE:GMED)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, AnalystRatings.com reports. They currently have a $63.00 target price on the medical device company’s stock. Needham & Company LLC’s target price indicates a potential upside of 13.07% from the stock’s current price.
Other analysts have also recently issued reports about the company. Wells Fargo & Co boosted their price target on Globus Medical from $42.00 to $53.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 8th. ValuEngine raised Globus Medical from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Zacks Investment Research raised Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 price target on the stock in a research report on Tuesday, August 6th. Finally, Cantor Fitzgerald boosted their price target on Globus Medical from $55.00 to $64.00 and gave the stock an “overweight” rating in a research report on Thursday. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $58.22.
Shares of GMED traded up $0.98 during mid-day trading on Thursday, reaching $55.72. The company had a trading volume of 585,132 shares, compared to its average volume of 578,325. The firm has a 50-day moving average price of $51.06 and a 200 day moving average price of $46.42. Globus Medical has a 52 week low of $38.01 and a 52 week high of $56.34. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of 33.37, a price-to-earnings-growth ratio of 2.74 and a beta of 0.95.
Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Wednesday, November 6th. The medical device company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. Globus Medical had a return on equity of 13.29% and a net margin of 19.30%. The firm had revenue of $196.22 million for the quarter, compared to analysts’ expectations of $185.86 million. During the same period in the previous year, the firm posted $0.39 EPS. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, research analysts anticipate that Globus Medical will post 1.71 earnings per share for the current year.
In related news, SVP Kelly Huller sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $52.90, for a total value of $158,700.00. Following the transaction, the senior vice president now directly owns 6,384 shares of the company’s stock, valued at approximately $337,713.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David D. Davidar sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $49.33, for a total value of $2,466,500.00. Following the completion of the transaction, the director now directly owns 754,775 shares in the company, valued at $37,233,050.75. The disclosure for this sale can be found here. Corporate insiders own 24.97% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in GMED. WINTON GROUP Ltd lifted its stake in Globus Medical by 122.8% in the second quarter. WINTON GROUP Ltd now owns 11,756 shares of the medical device company’s stock worth $497,000 after purchasing an additional 6,480 shares during the last quarter. Retirement Systems of Alabama lifted its stake in shares of Globus Medical by 14.9% during the second quarter. Retirement Systems of Alabama now owns 327,871 shares of the medical device company’s stock valued at $13,869,000 after buying an additional 42,451 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in shares of Globus Medical during the second quarter valued at approximately $280,000. Conservest Capital Advisors Inc. lifted its stake in shares of Globus Medical by 4.3% during the second quarter. Conservest Capital Advisors Inc. now owns 12,169 shares of the medical device company’s stock valued at $515,000 after buying an additional 500 shares during the period. Finally, Marathon Asset Management LLP lifted its stake in shares of Globus Medical by 1.8% during the second quarter. Marathon Asset Management LLP now owns 767,432 shares of the medical device company’s stock valued at $32,464,000 after buying an additional 13,926 shares during the period. 68.00% of the stock is currently owned by institutional investors and hedge funds.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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