Canaccord Genuity Group Increases Globus Medical (NYSE:GMED) Price Target to $101.00

Globus Medical (NYSE:GMED) had its price objective raised by investment analysts at Canaccord Genuity Group from $92.00 to $101.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 15.97% from the stock’s current price.

GMED has been the topic of several other reports. Truist Financial lifted their price objective on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Piper Sandler lifted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. BTIG Research upped their price target on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Thursday. Finally, Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Up 0.6 %

Shares of NYSE:GMED opened at $87.09 on Friday. The company has a 50 day moving average of $83.06 and a two-hundred day moving average of $75.22. Globus Medical has a 52-week low of $49.33 and a 52-week high of $90.48. The company has a market capitalization of $11.86 billion, a price-to-earnings ratio of 129.99, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The firm 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 revenue was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 EPS. On average, equities analysts anticipate that Globus Medical will post 2.97 earnings per share for the current year.

Insiders Place Their Bets

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 536,275 shares in the company, valued at $40,242,076. The trade was a 5.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,500 shares of company stock valued at $7,674,950 over the last quarter. Insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. boosted its position in Globus Medical by 2.2% during the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock worth $447,000 after acquiring an additional 131 shares during the period. Stephens Inc. AR lifted its holdings in Globus Medical by 3.4% in the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after purchasing an additional 138 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Globus Medical by 2.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after buying an additional 140 shares in the last quarter. Central Pacific Bank Trust Division increased its stake in Globus Medical by 6.2% during the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after buying an additional 220 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of Globus Medical by 1.5% during the 2nd quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock worth $1,044,000 after buying an additional 228 shares in the last quarter. 95.16% of the stock is owned by 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.