Globus Medical, Inc. (NYSE:GMED) Shares Sold by Profit Investment Management LLC

Profit Investment Management LLC decreased its holdings in Globus Medical, Inc. (NYSE:GMED) by 0.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,073 shares of the medical device company’s stock after selling 283 shares during the quarter. Globus Medical comprises about 2.0% of Profit Investment Management LLC’s portfolio, making the stock its 15th biggest position. Profit Investment Management LLC’s holdings in Globus Medical were worth $2,487,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Globus Medical during the 3rd quarter valued at about $27,000. Quarry LP increased its stake in Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after buying an additional 433 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after buying an additional 385 shares in the last quarter. GAMMA Investing LLC increased its stake in Globus Medical by 40.7% during the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after buying an additional 257 shares in the last quarter. Finally, IHT Wealth Management LLC purchased a new stake in shares of Globus Medical in the third quarter valued at approximately $201,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Down 0.3 %

Shares of NYSE:GMED opened at $90.41 on Friday. The company has a market cap of $12.31 billion, a P/E ratio of 134.94, a PEG ratio of 1.80 and a beta of 1.19. Globus Medical, Inc. has a 52 week low of $49.33 and a 52 week high of $91.44. The company has a 50-day moving average price of $83.71 and a 200 day moving average price of $75.64.

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

Insider Activity

In other news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. In the last three months, insiders sold 81,667 shares of company stock worth $6,674,554. Company insiders own 18.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. BTIG Research upped their price target on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Canaccord Genuity Group increased their price objective on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Finally, Truist Financial increased their target price on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $96.91.

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.