Globus Medical, Inc. (NYSE:GMED) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Globus Medical, Inc. (NYSE:GMED) have been given a consensus rating of “Moderate Buy” by the eleven analysts that are presently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $69.40.

GMED has been the topic of a number of research analyst reports. Piper Sandler upgraded Globus Medical from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $60.00 to $80.00 in a research note on Monday, May 20th. Stifel Nicolaus boosted their target price on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Barclays boosted their target price on Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. BTIG Research boosted their target price on Globus Medical from $63.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, May 29th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, May 8th.

Insider Activity

In other news, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David D. Davidar sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total value of $1,300,000.00. Following the completion of the sale, the director now directly owns 566,275 shares in the company, valued at $36,807,875. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Large investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale purchased a new position in Globus Medical in the 3rd quarter worth approximately $28,000. YHB Investment Advisors Inc. purchased a new position in Globus Medical in the 1st quarter worth approximately $50,000. Allworth Financial LP raised its holdings in Globus Medical by 25.7% in the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after acquiring an additional 254 shares during the last quarter. Mather Group LLC. purchased a new position in Globus Medical in the 1st quarter worth approximately $69,000. Finally, Quest Partners LLC purchased a new position in Globus Medical in the 4th quarter worth approximately $81,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Price Performance

Shares of Globus Medical stock opened at $67.40 on Wednesday. Globus Medical has a one year low of $43.38 and a one year high of $67.89. The firm has a market capitalization of $9.12 billion, a price-to-earnings ratio of 105.31, a PEG ratio of 1.85 and a beta of 1.15. The business has a 50-day simple moving average of $61.26 and a 200 day simple moving average of $56.08.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The business had revenue of $606.67 million during the quarter, compared to analyst estimates of $586.82 million. During the same period in the previous year, the company posted $0.53 EPS. The firm’s revenue was up 119.3% compared to the same quarter last year. On average, sell-side analysts expect that Globus Medical will post 2.82 EPS for the current year.

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.