BTIG Research Raises Globus Medical (NYSE:GMED) Price Target to $77.00

Globus Medical (NYSE:GMED) had its price target boosted by investment analysts at BTIG Research from $75.00 to $77.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. BTIG Research’s price target suggests a potential upside of 8.07% from the stock’s previous close.

A number of other analysts have also issued reports on GMED. Barclays raised their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Royal Bank of Canada lifted their price objective on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Morgan Stanley lifted their price objective on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Truist Financial lifted their price objective on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $77.20.

Globus Medical Stock Down 0.7 %

Shares of GMED traded down $0.48 during midday trading on Wednesday, reaching $71.25. 100,068 shares of the stock were exchanged, compared to its average volume of 1,077,766. Globus Medical has a 12-month low of $43.38 and a 12-month high of $74.21. The firm has a 50 day simple moving average of $70.08 and a 200-day simple moving average of $61.54. The company has a market cap of $9.65 billion, a price-to-earnings ratio of 111.33, a P/E/G ratio of 1.95 and a beta of 1.15.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The company had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The business’s quarterly revenue was up 115.9% on a year-over-year basis. During the same period last year, the business earned $0.63 EPS. Research analysts expect that Globus Medical will post 2.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 18.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GMED. Ashton Thomas Private Wealth LLC bought a new stake in shares of Globus Medical in the second quarter valued at about $33,000. GAMMA Investing LLC lifted its holdings in shares of Globus Medical by 254.5% in the second 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 in the last quarter. YHB Investment Advisors Inc. bought a new stake in Globus Medical during the first quarter worth about $50,000. International Assets Investment Management LLC bought a new stake in Globus Medical during the second quarter worth about $52,000. Finally, Mather Group LLC. bought a new stake in Globus Medical during the first quarter worth about $69,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.