Rice Hall James & Associates LLC Trims Stake in Globus Medical, Inc. (NYSE:GMED)

Rice Hall James & Associates LLC decreased its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 1.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 68,299 shares of the medical device company’s stock after selling 875 shares during the quarter. Rice Hall James & Associates LLC’s holdings in Globus Medical were worth $4,886,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new stake in shares of Globus Medical during the third quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical during the 2nd quarter worth about $33,000. GAMMA Investing LLC grew its holdings in shares of Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after buying an additional 453 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Globus Medical during the second quarter worth about $52,000. Finally, Nisa Investment Advisors LLC raised its position in shares of Globus Medical by 15.9% in the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after buying an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $73.54 on Friday. The firm has a market capitalization of $9.96 billion, a PE ratio of 245.13, a P/E/G ratio of 2.07 and a beta of 1.17. Globus Medical, Inc. has a 12 month low of $43.38 and a 12 month high of $75.98. The business has a 50-day moving average of $71.50 and a two-hundred day moving average of $67.33.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company’s revenue was up 115.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 EPS. As a group, research analysts anticipate that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

Insider Activity

In related news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $40,242,076. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on GMED shares. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $60.00 to $78.00 in a report on Wednesday, August 7th. Truist Financial upped their target price on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. BTIG Research increased their target price on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, Morgan Stanley lifted their price target on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.78.

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.