Globus Medical (NYSE:GMED) Given New $91.00 Price Target at BTIG Research

Globus Medical (NYSE:GMED) had its price objective hoisted by BTIG Research from $87.00 to $91.00 in a research report sent to investors on Thursday,Benzinga reports. The firm currently has a buy rating on the medical device company’s stock.

GMED has been the subject of a number of other reports. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Wells Fargo & Company boosted their price objective on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday. Royal Bank of Canada lifted their price target on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Finally, Piper Sandler lifted their target price on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, Globus Medical has an average rating of “Moderate Buy” and an average target price of $92.18.

Globus Medical Stock Down 0.4 %

GMED stock opened at $82.42 on Thursday. The company has a market cap of $11.22 billion, a price-to-earnings ratio of 123.01, a P/E/G ratio of 1.99 and a beta of 1.19. Globus Medical has a twelve month low of $49.14 and a twelve month high of $87.22. The business has a 50 day moving average price of $78.81 and a two-hundred day moving average price of $72.83.

Globus Medical (NYSE:GMED) last released its 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 3.69% and a return on equity of 9.98%. The business had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same period last year, the business earned $0.57 earnings per share. The firm’s revenue was up 63.1% on a year-over-year basis. On average, equities research analysts anticipate that Globus Medical will post 2.97 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,500 shares of company stock valued at $7,674,950. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in GMED. Swedbank AB lifted its stake in shares of Globus Medical by 15.4% in the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after acquiring an additional 50,000 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake 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 purchasing an additional 172,605 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Globus Medical during the second quarter worth about $611,000. Quest Partners LLC acquired a new position in shares of Globus Medical in the third quarter valued at approximately $523,000. Finally, Intech Investment Management LLC raised its holdings in Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after buying an additional 15,283 shares during the last quarter. 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.