Globus Medical’s (GMED) Hold Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Globus Medical (NYSE:GMED) in a research report sent to investors on Thursday,Benzinga reports.

Other equities research analysts have also issued research reports about the company. Stifel Nicolaus increased their price target on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Wells Fargo & Company increased their price objective on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Piper Sandler lifted their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $96.09.

Globus Medical Stock Performance

Shares of GMED opened at $86.34 on Thursday. The company’s 50-day simple moving average is $82.81 and its 200-day simple moving average is $75.02. Globus Medical has a 1 year low of $49.33 and a 1 year high of $87.22. The stock has a market capitalization of $11.76 billion, a PE ratio of 128.87, a P/E/G ratio of 1.97 and a beta of 1.19.

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

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 97,500 shares of company stock worth $7,674,950. 18.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

Several institutional investors have recently bought and sold shares of the company. Select Equity Group L.P. acquired a new stake in Globus Medical in the second quarter valued at about $91,711,000. Millennium Management LLC increased its stake in Globus Medical by 1,171.5% in the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after purchasing an additional 1,256,570 shares in the last quarter. ArrowMark Colorado Holdings LLC acquired a new position in Globus Medical during the third quarter worth $43,947,000. Lord Abbett & CO. LLC acquired a new position in Globus Medical during the third quarter worth $37,948,000. Finally, Parsifal Capital Management LP boosted its position in Globus Medical by 50.5% during the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after purchasing an additional 453,053 shares in the last quarter. 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.