Roth Mkm Reaffirms Buy Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED)‘s stock had its “buy” rating reissued by investment analysts at Roth Mkm in a report issued on Wednesday, Benzinga reports. They presently have a $100.00 price target on the medical device company’s stock. Roth Mkm’s price objective suggests a potential upside of 23.38% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. BTIG Research lifted their target price on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Canaccord Genuity Group lifted their target price on shares of Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays lifted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Royal Bank of Canada lifted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Morgan Stanley lifted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $87.09.

Globus Medical Stock Up 7.2 %

Globus Medical stock traded up $5.47 during trading hours on Wednesday, reaching $81.05. 1,864,626 shares of the company’s stock were exchanged, compared to its average volume of 988,824. The firm’s 50 day simple moving average is $71.69 and its 200 day simple moving average is $68.06. The firm has a market capitalization of $10.97 billion, a PE ratio of 270.17, a PEG ratio of 2.07 and a beta of 1.17. Globus Medical has a twelve month low of $43.38 and a twelve month high of $84.74.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter last year, the firm earned $0.57 EPS. The firm’s revenue for the quarter was up 63.1% compared to the same quarter last year. Analysts anticipate that Globus Medical will post 2.84 EPS for the current year.

Insider Activity

In related news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 0.00 % 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. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Hedge funds and other institutional investors have recently modified their holdings of the stock. Swedbank AB grew its holdings in Globus Medical by 15.4% in the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after purchasing an additional 50,000 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Globus Medical by 17.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock valued at $77,852,000 after buying an additional 172,605 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Globus Medical during the first quarter valued at approximately $429,000. State Board of Administration of Florida Retirement System grew its holdings in shares of Globus Medical by 12.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock valued at $4,839,000 after buying an additional 9,754 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Globus Medical during the second quarter valued at approximately $611,000. Hedge funds and other 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.