Globus Medical (NYSE:GMED) Price Target Raised to $92.00

Globus Medical (NYSE:GMED) had its price objective lifted by investment analysts at Canaccord Genuity Group from $85.00 to $92.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 11.12% from the company’s previous close.

Several other research firms also recently weighed in on GMED. Piper Sandler lifted their target price on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Roth Mkm reiterated a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a report on Wednesday, November 6th. Finally, StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $90.36.

Globus Medical Price Performance

Shares of NYSE:GMED traded down $0.53 during trading on Monday, hitting $82.79. The company had a trading volume of 161,418 shares, compared to its average volume of 994,844. The stock has a market cap of $11.27 billion, a price-to-earnings ratio of 123.57, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19. The company has a fifty day simple moving average of $77.59 and a two-hundred day simple moving average of $72.28. Globus Medical has a one year low of $46.26 and a one year high of $87.22.

Globus Medical (NYSE:GMED) last announced its 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 business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. On average, equities research analysts anticipate that Globus Medical will post 2.97 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the 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 owns 42,884 shares in the company, valued at $3,017,318.24. This represents a 25.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,500 shares of company stock worth $8,730,350. 18.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in GMED. V Square Quantitative Management LLC purchased a new position in shares of Globus Medical in the third quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical during the 2nd quarter worth approximately $33,000. Quarry LP lifted its holdings in Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after acquiring an additional 433 shares during the last quarter. Farther Finance Advisors LLC grew its position in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after acquiring an additional 385 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in Globus Medical during the second quarter worth $52,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.