Essex Investment Management Co. LLC Sells 2,041 Shares of Globus Medical, Inc. (NYSE:GMED)

Essex Investment Management Co. LLC trimmed its stake in Globus Medical, Inc. (NYSE:GMED) by 3.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,945 shares of the medical device company’s stock after selling 2,041 shares during the quarter. Globus Medical accounts for 1.0% of Essex Investment Management Co. LLC’s portfolio, making the stock its 24th biggest holding. Essex Investment Management Co. LLC’s holdings in Globus Medical were worth $5,289,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in GMED. SBI Securities Co. Ltd. bought a new position in shares of Globus Medical during the fourth quarter valued at $27,000. Quarry LP lifted its holdings in shares of Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after purchasing an additional 433 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Globus Medical by 60.2% during the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after purchasing an additional 206 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares in the last quarter. Finally, V Square Quantitative Management LLC lifted its holdings in shares of Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock valued at $48,000 after purchasing an additional 197 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a filing with the SEC, which is available through this link. 18.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on GMED shares. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and upped their price target for the company from $80.00 to $97.00 in a report on Thursday, January 9th. BTIG Research upped their price objective on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Truist Financial upped their price objective on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Friday, February 21st. Finally, StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and an average price target of $97.82.

Globus Medical Stock Performance

Shares of NYSE GMED opened at $77.48 on Friday. The business’s 50 day moving average price is $85.90 and its 200-day moving average price is $79.70. The company has a market cap of $10.66 billion, a price-to-earnings ratio of 103.31, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. The company had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. Sell-side analysts predict that Globus Medical, Inc. will post 3.44 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.