Globus Medical (NYSE:GMED) Price Target Raised to $88.00

Globus Medical (NYSE:GMED) had its target price increased by Wells Fargo & Company from $78.00 to $88.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the medical device company’s stock.

Other analysts have also issued reports about the stock. Royal Bank of Canada upped their target price on shares of Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. BTIG Research lifted their price target on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Morgan Stanley boosted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Piper Sandler lifted their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $87.09.

Globus Medical Stock Performance

GMED stock traded down $1.09 during trading on Wednesday, hitting $80.88. 1,804,199 shares of the company’s stock traded hands, compared to its average volume of 934,414. Globus Medical has a 52 week low of $43.38 and a 52 week high of $84.87. The business has a fifty day simple moving average of $72.28 and a 200 day simple moving average of $68.46. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of 120.72, a P/E/G ratio of 2.19 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping 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 company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same period last year, the business earned $0.57 EPS. Globus Medical’s revenue for the quarter was up 63.1% on a year-over-year basis. Research analysts forecast that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In related news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were 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. Over the last quarter, insiders have sold 110,000 shares of company stock worth $8,512,850. Insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Hedge funds and other institutional investors have recently bought and sold shares of the company. Stephens Inc. AR lifted its stake in shares of Globus Medical by 3.4% in the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after buying an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position 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 worth $403,000 after buying an additional 140 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Globus Medical by 15.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after acquiring an additional 160 shares during the period. Van ECK Associates Corp increased its stake in Globus Medical by 0.4% in the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after buying an additional 183 shares during the period. Finally, Central Pacific Bank Trust Division grew its stake in shares of Globus Medical by 6.2% during the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock worth $268,000 after purchasing an additional 220 shares during the period. 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.