Needham & Company LLC Reiterates Hold Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating reaffirmed by stock analysts at Needham & Company LLC in a report released on Thursday,Benzinga reports.

GMED has been the topic of several other reports. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $80.00 to $97.00 in a research note on Thursday, January 9th. BTIG Research raised their price objective on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a research note on Tuesday, January 28th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Finally, Royal Bank of Canada raised their target price on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Down 4.3 %

Shares of GMED traded down $3.95 during trading on Thursday, reaching $88.45. The company’s stock had a trading volume of 3,194,176 shares, compared to its average volume of 1,289,676. The company has a fifty day moving average of $86.47 and a two-hundred day moving average of $77.96. Globus Medical has a twelve month low of $49.33 and a twelve month high of $94.93. The company has a market cap of $12.04 billion, a price-to-earnings ratio of 131.90, a P/E/G ratio of 1.78 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 analysts’ consensus estimates 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%. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 EPS. As a group, equities analysts forecast that Globus Medical will post 2.98 EPS for the current fiscal year.

Insider Activity

In related news, CFO Keith W. Pfeil sold 14,167 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors have recently bought and sold shares of the business. Coldstream Capital Management Inc. lifted its holdings in shares of Globus Medical by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock valued at $447,000 after buying an additional 131 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Globus Medical by 24.7% during the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock valued at $55,000 after buying an additional 132 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Globus Medical by 3.2% during the 4th quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock valued at $356,000 after buying an additional 135 shares during the last quarter. Stephens Inc. AR lifted its holdings in shares of Globus Medical by 3.4% during the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after buying an additional 138 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Globus Medical by 2.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after buying an additional 140 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.