Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Piper Sandler Analyst Says

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

GMED has been the subject of several other research reports. BTIG Research boosted their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Truist Financial increased their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Royal Bank of Canada increased their price target on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Barclays increased their price target on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Finally, Morgan Stanley lifted their price objective on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Stock Performance

Shares of GMED traded down $0.85 on Wednesday, hitting $81.86. 367,904 shares of the stock traded hands, compared to its average volume of 995,217. Globus Medical has a one year low of $43.38 and a one year high of $84.87. The business has a 50 day simple moving average of $71.92 and a 200 day simple moving average of $68.16. The company has a market capitalization of $11.08 billion, a PE ratio of 275.67, a P/E/G ratio of 2.06 and a beta of 1.17.

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

Insider Buying and Selling

In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical 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 in the company, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the company’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 value of $2,251,200.00. Following the sale, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred 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 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. 18.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors have recently modified their holdings of GMED. Sheaff Brock Investment Advisors LLC increased its stake in shares of Globus Medical by 0.8% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 39,024 shares of the medical device company’s stock worth $2,792,000 after purchasing an additional 321 shares in the last quarter. KBC Group NV lifted its stake in Globus Medical by 0.5% in the 3rd quarter. KBC Group NV now owns 45,505 shares of the medical device company’s stock valued at $3,255,000 after buying an additional 237 shares in the last quarter. Geneva Capital Management LLC boosted its holdings in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after buying an additional 18,117 shares during the last quarter. Lisanti Capital Growth LLC increased its stake in Globus Medical by 68.4% during the 3rd quarter. Lisanti Capital Growth LLC now owns 24,915 shares of the medical device company’s stock worth $1,782,000 after buying an additional 10,120 shares in the last quarter. Finally, River Global Investors LLP lifted its position in shares of Globus Medical by 0.7% in the third quarter. River Global Investors LLP now owns 47,067 shares of the medical device company’s stock valued at $3,366,000 after acquiring an additional 331 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.