Globus Medical, Inc. (NYSE:GMED) Receives $77.20 Consensus Price Target from Brokerages

Shares of Globus Medical, Inc. (NYSE:GMED) have been assigned an average recommendation of “Moderate Buy” from the eleven research firms that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $77.20.

GMED has been the topic of several research reports. Truist Financial lifted their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. BTIG Research lifted their price target on Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Morgan Stanley increased 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. Royal Bank of Canada boosted their target price on shares of Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th.

Insider Buying and Selling at Globus Medical

In related news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the transaction, the director now directly owns 16,419 shares in the company, valued at approximately $1,149,330. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 18.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GMED. Vestal Point Capital LP purchased a new position in Globus Medical in the fourth quarter worth about $42,632,000. Millrace Asset Group Inc. purchased a new position in shares of Globus Medical in the fourth quarter worth approximately $2,103,000. Leeward Investments LLC MA boosted its holdings in shares of Globus Medical by 27.6% in the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after buying an additional 48,047 shares during the last quarter. Van ECK Associates Corp grew its position in Globus Medical by 33.0% during the first quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock valued at $2,453,000 after buying an additional 11,359 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Globus Medical by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,007,812 shares of the medical device company’s stock valued at $53,706,000 after buying an additional 60,060 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

GMED opened at $69.75 on Monday. The stock has a market capitalization of $9.44 billion, a PE ratio of 108.99, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17. The stock’s 50 day moving average price is $70.84 and its 200-day moving average price is $62.95. Globus Medical has a 52-week low of $43.38 and a 52-week high of $74.21.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The business had revenue of $629.69 million for the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company’s quarterly revenue was up 115.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 EPS. Research analysts forecast that Globus Medical will post 2.84 EPS for the current fiscal year.

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.