Globus Medical (NYSE:GMED) Upgraded at StockNews.com

StockNews.com upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a buy rating in a report issued on Tuesday.

Several other equities analysts have also issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Thursday, January 9th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Wells Fargo & Company raised their price target on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and raised their target price for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Finally, Roth Mkm upped their price target on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Stock Performance

Globus Medical stock opened at $93.17 on Tuesday. The company has a market capitalization of $12.69 billion, a PE ratio of 139.06, a P/E/G ratio of 1.78 and a beta of 1.19. The company has a 50 day moving average price of $85.69 and a 200-day moving average price of $77.25. Globus Medical has a fifty-two week low of $49.33 and a fifty-two week high of $94.93.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business’s revenue for the quarter was up 63.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 EPS. On average, analysts forecast that Globus Medical will post 2.98 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was 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 have sold a total of 81,667 shares of company stock valued at $6,674,554 over the last ninety days. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GMED. bLong Financial LLC acquired a new stake in shares of Globus Medical in the fourth quarter valued at about $397,000. New York State Teachers Retirement System boosted its stake in shares of Globus Medical by 12.3% in the fourth quarter. New York State Teachers Retirement System now owns 87,116 shares of the medical device company’s stock worth $7,205,000 after acquiring an additional 9,539 shares during the last quarter. V Square Quantitative Management LLC boosted its stake in shares of Globus Medical by 52.0% in the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after acquiring an additional 197 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in Globus Medical by 1.0% in the 4th quarter. Louisiana State Employees Retirement System now owns 31,600 shares of the medical device company’s stock valued at $2,614,000 after purchasing an additional 300 shares during the last quarter. Finally, Lightrock Netherlands B.V. purchased a new position in Globus Medical in the 4th quarter valued at $8,465,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

About Globus Medical

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.