Canaccord Genuity Group Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price objective hoisted by Canaccord Genuity Group from $79.00 to $85.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the medical device company’s stock.

GMED has been the subject of several other research reports. Bank of America raised their price target on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday. BTIG Research upped their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Stifel Nicolaus lifted their price objective on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Morgan Stanley boosted their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $87.09.

Globus Medical Stock Performance

Shares of Globus Medical stock traded down $1.09 during trading on Wednesday, hitting $80.88. The company’s stock had a trading volume of 1,804,199 shares, 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 company has a market capitalization of $10.95 billion, a PE ratio of 120.72, a P/E/G ratio of 2.19 and a beta of 1.17. The company has a fifty day simple moving average of $72.28 and a two-hundred day simple moving average of $68.46.

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 the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same period in the previous year, the company posted $0.57 earnings per share. The company’s revenue for the quarter was up 63.1% compared to the same quarter last year. As a group, analysts predict that Globus Medical will post 2.97 EPS for the current year.

Insider Activity

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the firm’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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock valued at $8,512,850 in the last ninety days. Corporate insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Large investors have recently bought and sold shares of the business. V Square Quantitative Management LLC bought a new position in shares of Globus Medical during the third quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC bought a new stake in Globus Medical during the 2nd quarter valued at $33,000. Farther Finance Advisors LLC increased its holdings in shares of Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 shares during the period. GAMMA Investing LLC raised its position in shares of Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after acquiring an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Globus Medical during the second quarter valued at about $52,000. 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.