Analysts Set Globus Medical, Inc. (NYSE:GMED) Price Target at $93.55

Globus Medical, Inc. (NYSE:GMED) has received a consensus recommendation of “Moderate Buy” from the twelve analysts that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $94.55.

A number of equities analysts have issued reports on GMED shares. Canaccord Genuity Group upped their target price on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, December 9th. BTIG Research raised their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Royal Bank of Canada upped their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Truist Financial boosted their price objective on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Finally, Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $83.00 to $100.00 in a report on Monday, December 2nd.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock valued at $7,674,950 in the last ninety days. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp lifted its position in Globus Medical by 2.3% in the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after purchasing an additional 81,371 shares during the period. Burgundy Asset Management Ltd. boosted its stake in Globus Medical by 1.4% during the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after buying an additional 35,054 shares in the last quarter. Geode Capital Management LLC grew its holdings in Globus Medical by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after acquiring an additional 21,935 shares during the period. Magnetar Financial LLC raised its position in Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after acquiring an additional 29,200 shares in the last quarter. Finally, Geneva Capital Management LLC boosted its position in shares of Globus Medical by 1.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after purchasing an additional 18,117 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Up 0.4 %

Shares of NYSE:GMED opened at $83.47 on Wednesday. The company has a 50 day moving average of $80.26 and a two-hundred day moving average of $73.56. Globus Medical has a 52-week low of $49.33 and a 52-week high of $87.22. The company has a market capitalization of $11.37 billion, a price-to-earnings ratio of 124.58, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the previous year, the business posted $0.57 EPS. The firm’s revenue was up 63.1% compared to the same quarter last year. On average, equities analysts anticipate that Globus Medical will post 2.97 earnings per share for the current year.

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.