Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Roth Mkm Analyst Says

Globus Medical (NYSE:GMED) had its price objective upped by stock analysts at Roth Mkm from $100.00 to $115.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. Roth Mkm’s price target points to a potential upside of 40.62% from the company’s current price.

Several other analysts have also issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Stifel Nicolaus upped their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a 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 upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Finally, StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and an average price target of $94.55.

Globus Medical Price Performance

Shares of GMED stock opened at $81.78 on Tuesday. The company has a market capitalization of $11.14 billion, a PE ratio of 122.06, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19. The firm’s 50-day moving average is $79.54 and its two-hundred day moving average is $73.17. Globus Medical has a 12 month low of $49.33 and a 12 month high of $87.22.

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, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same period in the prior year, the firm posted $0.57 earnings per share. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. Sell-side analysts forecast that Globus Medical will post 2.97 EPS for the current year.

Insider Buying and Selling at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares in the company, valued at $40,242,076. This trade represents a 5.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 97,500 shares of company stock worth $7,674,950 over the last ninety days. Corporate insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

A number of large investors have recently made changes to their positions in GMED. State Street Corp grew its position in shares of Globus Medical by 2.3% during the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after acquiring an additional 81,371 shares during the last quarter. Burgundy Asset Management Ltd. grew its position in Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock worth $172,245,000 after purchasing an additional 35,054 shares during the last quarter. Geode Capital Management LLC increased its stake in Globus Medical by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after purchasing an additional 21,935 shares during the period. Magnetar Financial LLC raised its holdings in shares of Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after buying an additional 29,200 shares during the last quarter. Finally, Geneva Capital Management LLC boosted its stake in shares of Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after buying an additional 18,117 shares during the period. 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.