Wealthfront Advisers LLC Acquires Shares of 82,761 Globus Medical, Inc. (NYSE:GMED)

Wealthfront Advisers LLC acquired a new stake in Globus Medical, Inc. (NYSE:GMED) during the fourth quarter, Holdings Channel reports. The fund acquired 82,761 shares of the medical device company’s stock, valued at approximately $6,845,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Globus Medical by 14.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,095 shares of the medical device company’s stock valued at $2,572,000 after purchasing an additional 3,828 shares in the last quarter. Geneva Capital Management LLC raised its holdings in shares of Globus Medical by 13.6% during the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock worth $150,188,000 after acquiring an additional 217,707 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Globus Medical during the 4th quarter worth $58,405,000. Arizona State Retirement System raised its holdings in shares of Globus Medical by 1.1% during the 4th quarter. Arizona State Retirement System now owns 32,788 shares of the medical device company’s stock worth $2,712,000 after acquiring an additional 358 shares during the period. Finally, Aigen Investment Management LP purchased a new position in shares of Globus Medical during the 4th quarter worth $207,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available through this link. 18.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Canaccord Genuity Group lifted their price target on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Stifel Nicolaus lifted their price target on Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Friday, February 21st. Finally, StockNews.com raised Globus Medical from a “hold” rating to a “buy” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $97.82.

Globus Medical Price Performance

NYSE GMED opened at $71.20 on Thursday. The company has a market cap of $9.79 billion, a P/E ratio of 94.93, a P/E/G ratio of 1.61 and a beta of 1.19. The stock has a 50-day moving average of $85.34 and a two-hundred day moving average of $79.76. Globus Medical, Inc. has a 1-year low of $49.33 and a 1-year high of $94.93.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. The company had revenue of $657.29 million during 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%. On average, analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Globus Medical 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.