Globus Medical (NYSE:GMED) Hits New 1-Year High – Here’s Why

Globus Medical, Inc. (NYSE:GMED)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $94.50 and last traded at $93.30, with a volume of 4257 shares trading hands. The stock had previously closed at $92.94.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Truist Financial lifted their price target on shares of Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. BTIG Research increased their target price on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Roth Mkm upped their target price on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Stifel Nicolaus increased their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, Piper Sandler lifted their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Trading Up 0.4 %

The stock’s 50-day moving average price is $85.69 and its 200-day moving average price is $77.25. The stock has a market cap of $12.69 billion, a price-to-earnings ratio of 139.06, a P/E/G ratio of 1.78 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted 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 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 the consensus estimate of $604.69 million. During the same period in the previous year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was up 63.1% on a year-over-year basis. As a group, analysts predict that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 81,667 shares of company stock worth $6,674,554 over the last 90 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 purchased a new stake in Globus Medical during the 3rd quarter valued at approximately $27,000. Quarry LP grew its holdings in Globus Medical by 698.4% during the 3rd 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 lifted its stake in shares of 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 acquiring an additional 385 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Globus Medical by 60.2% during the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after purchasing an additional 206 shares during the period. Finally, GAMMA Investing LLC grew its stake in Globus Medical by 40.7% in the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after purchasing an additional 257 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

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.