Globus Medical (NYSE:GMED) Stock Rating Upgraded by Morgan Stanley

Globus Medical (NYSE:GMED) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Monday, MarketBeat reports. The brokerage currently has a $100.00 target price on the medical device company’s stock, up from their prior target price of $83.00. Morgan Stanley’s target price would indicate a potential upside of 16.81% from the stock’s current price.

A number of other research firms have also weighed in on GMED. Wells Fargo & Company upped their price objective on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. 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 report on Wednesday, November 6th. Canaccord Genuity Group upped their target price on Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, Truist Financial lifted their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $89.73.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $85.61 on Monday. The firm’s 50 day simple moving average is $76.26 and its 200-day simple moving average is $71.63. Globus Medical has a one year low of $44.02 and a one year high of $86.00. The firm has a market cap of $11.66 billion, a PE ratio of 127.78, a price-to-earnings-growth ratio of 2.04 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its quarterly earnings data 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 company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same period last year, the business posted $0.57 EPS. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. Equities research analysts predict that Globus Medical will post 2.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the company’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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,000 shares of company stock valued at $8,512,850. 18.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Comerica Bank increased its stake in shares of Globus Medical by 0.5% in the first quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock worth $2,940,000 after acquiring an additional 293 shares during the period. Cetera Advisors LLC acquired a new stake in Globus Medical during the 1st quarter worth about $204,000. GAMMA Investing LLC raised its stake in shares of Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares during the last quarter. Juncture Wealth Strategies LLC lifted its holdings in shares of Globus Medical by 54.0% in the 2nd quarter. Juncture Wealth Strategies LLC now owns 10,406 shares of the medical device company’s stock valued at $713,000 after buying an additional 3,648 shares during the period. Finally, Diversified Trust Co boosted its stake in shares of Globus Medical by 6.8% in the second quarter. Diversified Trust Co now owns 22,816 shares of the medical device company’s stock worth $1,563,000 after buying an additional 1,450 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.