Globus Medical, Inc. (NYSE:GMED) Shares Sold by Ionic Capital Management LLC

Ionic Capital Management LLC decreased its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 30.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,296 shares of the medical device company’s stock after selling 11,074 shares during the period. Ionic Capital Management LLC’s holdings in Globus Medical were worth $1,810,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GMED. V Square Quantitative Management LLC acquired a new position in Globus Medical in the third quarter worth about $27,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Globus Medical in the second quarter valued at about $33,000. Farther Finance Advisors LLC increased its position 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 purchasing an additional 385 shares in the last quarter. GAMMA Investing LLC boosted its holdings in 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 acquiring an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in Globus Medical during the second quarter worth about $52,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Price Performance

Shares of GMED opened at $83.90 on Tuesday. The firm has a market capitalization of $11.42 billion, a PE ratio of 125.22, a price-to-earnings-growth ratio of 2.04 and a beta of 1.19. Globus Medical, Inc. has a one year low of $44.02 and a one year high of $87.22. The company has a 50-day simple moving average of $76.52 and a two-hundred day simple moving average of $71.77.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company’s revenue was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. Analysts expect that Globus Medical, Inc. will post 2.98 EPS for the current fiscal year.

Insider Buying and Selling at Globus Medical

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The shares were 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 directly owns 42,884 shares in the company, 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. Insiders have sold a total of 110,000 shares of company stock worth $8,512,850 in the last quarter. 18.54% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Bank of America upped their target price on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, November 6th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Royal Bank of Canada increased their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. BTIG Research boosted their target price on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Finally, Barclays increased their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and an average target price of $89.73.

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.