Truist Financial Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its target price upped by Truist Financial from $85.00 to $90.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the medical device company’s stock. Truist Financial’s target price would indicate a potential upside of 6.16% from the company’s previous close.

Several other equities analysts also recently issued reports on the company. Royal Bank of Canada lifted their price objective on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Stifel Nicolaus upped their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Roth Mkm raised their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday. Bank of America upped their target price on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company boosted their target price on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $94.55.

Globus Medical Stock Performance

Shares of GMED traded up $1.36 during trading hours on Wednesday, reaching $84.78. 97,177 shares of the company traded hands, compared to its average volume of 989,765. The stock’s fifty day moving average is $79.31 and its 200 day moving average is $73.10. Globus Medical has a 1-year low of $49.33 and a 1-year high of $87.22. The stock has a market cap of $11.54 billion, a P/E ratio of 126.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same period in the previous year, the business earned $0.57 earnings per share. The company’s revenue for the quarter was up 63.1% compared to the same quarter last year. On average, equities research analysts predict that Globus Medical will post 2.97 EPS for the current year.

Insiders Place Their Bets

In other news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction 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 disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock worth $7,674,950 over the last ninety days. 18.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GMED. Wealth Enhancement Advisory Services LLC raised its stake in Globus Medical by 12.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 5,497 shares of the medical device company’s stock valued at $376,000 after buying an additional 609 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Globus Medical by 5.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,017 shares of the medical device company’s stock valued at $481,000 after purchasing an additional 390 shares during the last quarter. Raymond James & Associates boosted its position in Globus Medical by 14.7% during the second quarter. Raymond James & Associates now owns 275,945 shares of the medical device company’s stock worth $18,899,000 after purchasing an additional 35,402 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Globus Medical by 15.9% in the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after purchasing an additional 160 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of Globus Medical in the second quarter valued at about $249,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.