Globus Medical, Inc. (NYSE:GMED) Receives $96.91 Consensus Price Target from Brokerages

Globus Medical, Inc. (NYSE:GMED) has been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $96.91.

A number of research firms have issued reports on GMED. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Thursday, January 9th. Wells Fargo & Company increased their price objective on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Stifel Nicolaus raised their price target on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $83.00 to $100.00 in a research note on Monday, December 2nd.

Globus Medical Stock Up 0.9 %

Shares of NYSE GMED opened at $88.00 on Friday. The stock has a market capitalization of $11.98 billion, a P/E ratio of 131.34, a P/E/G ratio of 1.97 and a beta of 1.19. The firm’s 50-day moving average price is $83.55 and its two-hundred day moving average price is $75.53. Globus Medical has a 52-week low of $49.33 and a 52-week high of $90.48.

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 during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm’s 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. As a group, equities research analysts expect that Globus Medical will post 2.97 earnings per share for the current year.

Insider Transactions at Globus Medical

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the firm’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction 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. Insiders have sold 81,667 shares of company stock valued at $6,674,554 over the last three months. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GMED. V Square Quantitative Management LLC acquired a new stake in shares of Globus Medical during the 3rd quarter valued at about $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in Globus Medical in the second quarter valued at approximately $33,000. Quarry LP grew its position in Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after acquiring an additional 433 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after purchasing an additional 385 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Globus Medical by 40.7% during the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after purchasing an additional 257 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.