Piper Sandler Has Lowered Expectations for Globus Medical (NYSE:GMED) Stock Price

Globus Medical (NYSE:GMED) had its price objective cut by Piper Sandler from $100.00 to $80.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the medical device company’s stock.

A number of other equities research analysts have also issued reports on GMED. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, March 21st. Barclays increased their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Wells Fargo & Company reduced their target price on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and raised their price target for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Finally, Truist Financial cut their price objective on shares of Globus Medical from $82.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and an average price target of $95.09.

Globus Medical Stock Performance

NYSE GMED opened at $55.54 on Friday. Globus Medical has a one year low of $54.48 and a one year high of $94.93. The company’s 50 day moving average price is $72.21 and its 200 day moving average price is $79.85. The firm has a market capitalization of $7.64 billion, a price-to-earnings ratio of 74.05, a PEG ratio of 1.61 and a beta of 1.32.

Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business had revenue of $598.12 million during the quarter, compared to analysts’ expectations of $629.74 million. During the same period in the prior year, the business posted $0.72 EPS. The business’s revenue was down 1.4% on a year-over-year basis. Sell-side analysts forecast that Globus Medical will post 3.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds have recently bought and sold shares of GMED. CenterBook Partners LP acquired a new stake in Globus Medical during the first quarter valued at approximately $2,699,000. Deutsche Bank AG raised its position in shares of Globus Medical by 70.2% during the 1st quarter. Deutsche Bank AG now owns 65,419 shares of the medical device company’s stock valued at $4,789,000 after acquiring an additional 26,978 shares in the last quarter. Vanguard Group Inc. lifted its stake in Globus Medical by 0.4% during the first quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company’s stock worth $798,545,000 after purchasing an additional 45,248 shares during the last quarter. Legacy Capital Group California Inc. boosted its holdings in Globus Medical by 14.2% in the first quarter. Legacy Capital Group California Inc. now owns 5,566 shares of the medical device company’s stock worth $407,000 after purchasing an additional 691 shares during the period. Finally, New Age Alpha Advisors LLC bought a new stake in Globus Medical during the first quarter valued at $1,740,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.