Globus Medical (NYSE:GMED) Reaches New 1-Year High – Time to Buy?

Shares of Globus Medical, Inc. (NYSE:GMED) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $85.34 and last traded at $85.02, with a volume of 172233 shares trading hands. The stock had previously closed at $84.53.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Bank of America boosted their price target on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. Wells Fargo & Company raised their price target on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Truist Financial upped their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Canaccord Genuity Group boosted their price target on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $88.18.

Globus Medical Trading Up 0.6 %

The stock’s 50-day moving average is $75.35 and its 200-day moving average is $71.17. The stock has a market cap of $11.58 billion, a price-to-earnings ratio of 126.16, a P/E/G ratio of 2.02 and a beta of 1.17.

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

Insiders Place Their Bets

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock worth $8,512,850 over the last quarter. 18.54% of the stock is owned by corporate insiders.

Institutional Trading of Globus Medical

Hedge funds and other institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new position in shares of Globus Medical during the 3rd quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical during the second quarter worth $33,000. 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 during the last quarter. Farther Finance Advisors LLC increased its stake in Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after purchasing an additional 385 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after buying an additional 453 shares during the period. 95.16% of the stock is currently owned by institutional investors.

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.