Globus Medical (NYSE:GMED) Price Target Raised to $103.00

Globus Medical (NYSE:GMED) had its price objective boosted by Barclays from $100.00 to $103.00 in a report released on Monday,Benzinga reports. The brokerage currently has an overweight rating on the medical device company’s stock.

Other equities research analysts have also issued reports about the stock. Truist Financial boosted their target price on shares of Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Roth Mkm increased their target price on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $80.00 to $97.00 in a research note on Thursday, January 9th. Finally, Royal Bank of Canada raised their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $97.82.

Globus Medical Price Performance

GMED stock opened at $80.04 on Monday. Globus Medical has a 1-year low of $49.33 and a 1-year high of $94.93. The stock has a market capitalization of $10.90 billion, a P/E ratio of 106.72, a P/E/G ratio of 1.61 and a beta of 1.19. The business has a fifty day moving average price of $86.57 and a 200-day moving average price of $79.25.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. As a group, analysts anticipate that Globus Medical will post 3.44 earnings per share for the current year.

Insider Activity at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. 18.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Oak Thistle LLC purchased a new position in shares of Globus Medical during the 4th quarter worth about $376,000. bLong Financial LLC purchased a new position in shares of Globus Medical during the fourth quarter valued at approximately $397,000. Kathmere Capital Management LLC bought a new position in shares of Globus Medical during the fourth quarter valued at approximately $23,091,000. Quest Partners LLC purchased a new stake in shares of Globus Medical in the third quarter worth approximately $523,000. Finally, Intech Investment Management LLC lifted its stake in shares of Globus Medical by 291.3% during the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after acquiring an additional 15,283 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.