Globus Medical (NYSE:GMED) Given New $92.00 Price Target at Stifel Nicolaus

Globus Medical (NYSE:GMED) had its price target raised by Stifel Nicolaus from $80.00 to $92.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the medical device company’s stock.

Several other brokerages have also recently issued reports on GMED. Piper Sandler upped their price target on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday. Wells Fargo & Company lifted their target price on Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday. BTIG Research increased their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Bank of America lifted their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.09.

Globus Medical Trading Down 0.4 %

NYSE:GMED traded down $0.31 on Wednesday, hitting $82.40. The company had a trading volume of 393,329 shares, compared to its average volume of 995,334. The firm has a 50 day moving average of $71.92 and a two-hundred day moving average of $68.16. The stock has a market capitalization of $11.16 billion, a price-to-earnings ratio of 275.67, a PEG ratio of 2.06 and a beta of 1.17. Globus Medical has a 52 week low of $43.38 and a 52 week high of $84.87.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. Globus Medical’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. As a group, equities analysts forecast that Globus Medical will post 2.84 EPS for the current year.

Insider Activity at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in shares of Globus Medical in the third quarter worth about $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Globus Medical during the second quarter worth $33,000. Farther Finance Advisors LLC boosted its holdings in shares of Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after acquiring an additional 385 shares during the period. GAMMA Investing LLC raised its stake in shares of Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Globus Medical in the 2nd quarter worth about $52,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.