Globus Medical (NYSE:GMED) Reaches New 52-Week High – What’s Next?

Globus Medical, Inc. (NYSE:GMED)’s share price hit a new 52-week high on Friday . The company traded as high as $89.93 and last traded at $88.04, with a volume of 471065 shares changing hands. The stock had previously closed at $86.55.

Analyst Ratings Changes

A number of research firms recently commented on GMED. StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Piper Sandler boosted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Thursday. Finally, Roth Mkm lifted their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $96.09.

Globus Medical Stock Up 2.2 %

The company’s 50 day simple moving average is $82.81 and its 200-day simple moving average is $75.02. The firm has a market cap of $12.04 billion, a P/E ratio of 131.97, a P/E/G ratio of 1.97 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. Equities research analysts predict that Globus Medical, Inc. will post 2.97 EPS for the current year.

Insider Buying and Selling at Globus Medical

In other news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. This trade represents a 5.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 97,500 shares of company stock worth $7,674,950. 18.54% of the stock is owned by corporate insiders.

Institutional Trading of Globus Medical

Several institutional investors have recently modified their holdings of GMED. Select Equity Group L.P. acquired a new stake in Globus Medical in the 2nd quarter worth about $91,711,000. Millennium Management LLC boosted its stake in shares of Globus Medical by 1,171.5% in the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock worth $93,409,000 after acquiring an additional 1,256,570 shares during the last quarter. ArrowMark Colorado Holdings LLC purchased a new stake in shares of Globus Medical during the third quarter worth approximately $43,947,000. Lord Abbett & CO. LLC acquired a new position in Globus Medical in the 3rd quarter valued at $37,948,000. Finally, Parsifal Capital Management LP lifted its holdings in Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after purchasing an additional 453,053 shares in the last quarter. Institutional investors and hedge funds 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.