Globus Medical, Inc. (NYSE:GMED) Stock Holdings Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its position in Globus Medical, Inc. (NYSE:GMED) by 20.6% during the 1st quarter, HoldingsChannel reports. The firm owned 803,108 shares of the medical device company’s stock after selling 207,824 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Globus Medical were worth $43,079,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GMED. Vestal Point Capital LP bought a new stake in shares of Globus Medical during the fourth quarter valued at approximately $42,632,000. Millrace Asset Group Inc. bought a new position in shares of Globus Medical in the fourth quarter worth $2,103,000. Van ECK Associates Corp increased its holdings in shares of Globus Medical by 82.6% during the fourth quarter. Van ECK Associates Corp now owns 34,380 shares of the medical device company’s stock valued at $1,832,000 after purchasing an additional 15,552 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Globus Medical by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,007,812 shares of the medical device company’s stock valued at $53,706,000 after purchasing an additional 60,060 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Globus Medical by 49.7% in the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock worth $558,339,000 after purchasing an additional 3,732,959 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on GMED. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and raised their target price for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday, May 8th. BTIG Research upped their target price on Globus Medical from $63.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. Stifel Nicolaus increased their price target on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, Barclays boosted their price objective on Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.40.

Insider Buying and Selling at Globus Medical

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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $64.61, for a total transaction of $4,089,813.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David D. Davidar sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total transaction of $1,300,000.00. Following the transaction, the director now owns 566,275 shares in the company, valued at approximately $36,807,875. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

GMED stock opened at $68.59 on Thursday. The firm has a 50 day simple moving average of $63.34 and a 200 day simple moving average of $56.84. Globus Medical, Inc. has a 52 week low of $43.38 and a 52 week high of $69.77. The stock has a market cap of $9.29 billion, a P/E ratio of 107.17, a P/E/G ratio of 1.91 and a beta of 1.15.

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

Globus Medical 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.