Globus Medical (NYSE:GMED) Price Target Raised to $95.00

Globus Medical (NYSE:GMED) had its target price increased by Wells Fargo & Company from $88.00 to $95.00 in a report issued on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the medical device company’s stock.

GMED has been the subject of a number of other research reports. Bank of America increased their price objective on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, November 6th. StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Roth Mkm reissued a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a research note on Wednesday, November 6th. Royal Bank of Canada upped their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted their target price on shares of Globus Medical from $85.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and a consensus price target of $92.18.

Globus Medical Stock Down 0.4 %

Shares of GMED stock opened at $82.42 on Wednesday. The stock has a 50-day simple moving average of $78.58 and a 200 day simple moving average of $72.66. The stock has a market capitalization of $11.22 billion, a P/E ratio of 123.45, a P/E/G ratio of 1.99 and a beta of 1.19. Globus Medical has a fifty-two week low of $49.14 and a fifty-two week high of $87.22.

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

Insider Buying and Selling at Globus Medical

In other news, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 97,500 shares of company stock worth $7,674,950. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Select Equity Group L.P. acquired a new position in shares of Globus Medical during the 2nd quarter valued at about $91,711,000. Millennium Management LLC grew its holdings in Globus Medical by 1,171.5% during the second 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 during the last quarter. ArrowMark Colorado Holdings LLC bought a new position in shares of Globus Medical in the third quarter valued at approximately $43,947,000. Lord Abbett & CO. LLC acquired a new stake in shares of Globus Medical in the third quarter worth $37,948,000. Finally, Parsifal Capital Management LP boosted its holdings in shares of Globus Medical by 50.5% during the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after buying an additional 453,053 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

About Globus Medical

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.