Zacks Research Upgrades Globus Medical (NYSE:GMED) to “Strong-Buy”

Globus Medical (NYSE:GMED) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other analysts have also issued reports on GMED. Barclays boosted their price objective on Globus Medical from $106.00 to $114.00 and gave the company an “overweight” rating in a research note on Monday. Royal Bank Of Canada increased their price target on shares of Globus Medical from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Wells Fargo & Company boosted their price objective on shares of Globus Medical from $66.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Finally, Morgan Stanley cut their price target on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating for the company in a report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $88.82.

Globus Medical Stock Down 1.6%

NYSE GMED opened at $84.96 on Monday. The firm has a market cap of $11.47 billion, a P/E ratio of 32.68, a price-to-earnings-growth ratio of 1.68 and a beta of 1.15. The company’s 50 day moving average is $60.84 and its 200-day moving average is $60.03. Globus Medical has a 12-month low of $51.79 and a 12-month high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, topping the consensus estimate of $0.79 by $0.39. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company had revenue of $769.05 million during the quarter, compared to the consensus estimate of $734.58 million. During the same period last year, the firm earned $0.83 EPS. Globus Medical’s revenue for the quarter was up 22.9% on a year-over-year basis. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. Equities analysts expect that Globus Medical will post 3.44 EPS for the current year.

Insider Transactions at Globus Medical

In related news, Director Ann D. Rhoads sold 10,000 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares in the company, valued at approximately $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 20,000 shares of company stock valued at $1,402,600 in the last ninety days. 18.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Globus Medical

Several institutional investors and hedge funds have recently made changes to their positions in GMED. Larson Financial Group LLC raised its position in Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock worth $32,000 after purchasing an additional 393 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Globus Medical by 74.3% in the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock worth $27,000 after buying an additional 197 shares during the period. Advisors Asset Management Inc. bought a new stake in shares of Globus Medical in the 2nd quarter valued at about $28,000. First Horizon Corp bought a new stake in shares of Globus Medical in the 3rd quarter valued at about $31,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Globus Medical by 202.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company’s stock valued at $42,000 after acquiring an additional 383 shares during the period. Institutional investors own 95.16% of the company’s stock.

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.