Analysts Set Globus Medical, Inc. (NYSE:GMED) Target Price at $77.20

Shares of Globus Medical, Inc. (NYSE:GMED) have been assigned an average rating of “Moderate Buy” from the eleven research firms that are presently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $77.40.

Several equities research analysts have recently commented on the company. BTIG Research upped their price target on Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Barclays increased their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Royal Bank of Canada increased their price objective on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday. 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 research report on Monday, July 15th. Finally, Truist Financial increased their price objective on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th.

Insiders Place Their Bets

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction dated 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 owns 16,419 shares in the company, valued at approximately $1,149,330. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vestal Point Capital LP acquired a new position in shares of Globus Medical in the 4th quarter valued at approximately $42,632,000. Leeward Investments LLC MA raised its position in shares of Globus Medical by 27.6% in the 1st quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock valued at $11,918,000 after purchasing an additional 48,047 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Globus Medical by 33.0% in the 1st quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock valued at $2,453,000 after purchasing an additional 11,359 shares in the last quarter. Swedbank AB raised its position in shares of Globus Medical by 15.4% in the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Globus Medical by 17.9% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock valued at $77,852,000 after purchasing an additional 172,605 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Price Performance

Globus Medical stock opened at $70.06 on Friday. Globus Medical has a 12 month low of $43.38 and a 12 month high of $74.21. The business has a 50 day simple moving average of $70.48 and a 200-day simple moving average of $64.94. The stock has a market capitalization of $9.48 billion, a PE ratio of 109.47, a price-to-earnings-growth ratio of 1.97 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.68 by $0.07. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. During the same quarter in the prior year, the business earned $0.63 earnings per share. The company’s quarterly revenue was up 115.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Globus Medical will post 2.84 EPS for the current year.

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.