Insider Selling: Globus Medical, Inc. (NYSE:GMED) Director Sells 30,000 Shares of Stock

Globus Medical, Inc. (NYSE:GMED) Director David D. Davidar sold 30,000 shares of Globus Medical 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 transaction, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Globus Medical Price Performance

Shares of GMED stock opened at $72.85 on Monday. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $75.98. The stock’s 50-day moving average is $70.70 and its two-hundred day moving average is $66.18. The firm has a market cap of $9.86 billion, a P/E ratio of 113.83, a PEG ratio of 1.94 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $629.69 million for the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The firm’s revenue was up 115.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.63 earnings per share. As a group, research analysts expect that Globus Medical, Inc. will post 2.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $60.00 to $78.00 in a research report on Wednesday, August 7th. Royal Bank of Canada lifted their price target on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Barclays increased their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Morgan Stanley raised their price objective on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Finally, BTIG Research upped their target price on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $77.78.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Leeward Investments LLC MA increased its position in Globus Medical by 27.6% during the first quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company’s stock worth $11,918,000 after buying an additional 48,047 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Globus Medical by 33.0% during the 1st quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company’s stock worth $2,453,000 after acquiring an additional 11,359 shares in the last quarter. Swedbank AB increased its holdings in shares of Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after acquiring an additional 50,000 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Globus Medical by 17.9% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock valued at $77,852,000 after acquiring an additional 172,605 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in Globus Medical in the 1st quarter worth approximately $429,000. Institutional investors own 95.16% of the company’s stock.

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.