Inspire Investing LLC Sells 1,526 Shares of Globus Medical, Inc. (NYSE:GMED)

Inspire Investing LLC cut its position in Globus Medical, Inc. (NYSE:GMED) by 23.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,115 shares of the medical device company’s stock after selling 1,526 shares during the quarter. Inspire Investing LLC’s holdings in Globus Medical were worth $350,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Burgundy Asset Management Ltd. boosted its stake in Globus Medical by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after purchasing an additional 35,054 shares during the period. XTX Topco Ltd lifted its position in shares of Globus Medical by 35.3% during the 2nd quarter. XTX Topco Ltd now owns 15,483 shares of the medical device company’s stock valued at $1,060,000 after acquiring an additional 4,043 shares during the period. Palouse Capital Management Inc. bought a new stake in shares of Globus Medical during the 2nd quarter valued at $212,000. Hsbc Holdings PLC lifted its position in shares of Globus Medical by 21.3% during the 2nd quarter. Hsbc Holdings PLC now owns 6,634 shares of the medical device company’s stock valued at $454,000 after acquiring an additional 1,163 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Globus Medical by 16.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,664 shares of the medical device company’s stock valued at $798,000 after acquiring an additional 1,616 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the sale, the director now directly owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Globus Medical Stock Up 0.8 %

Shares of GMED opened at $71.22 on Tuesday. Globus Medical, Inc. has a 12-month low of $43.38 and a 12-month high of $74.21. The business has a 50-day simple moving average of $70.86 and a two-hundred day simple moving average of $63.73. The stock has a market cap of $9.64 billion, a PE ratio of 111.28, a PEG ratio of 1.91 and a beta of 1.17.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. During the same quarter in the prior year, the firm earned $0.63 EPS. The business’s revenue for the quarter was up 115.9% compared to the same quarter last year. On average, equities research analysts expect that Globus Medical, Inc. will post 2.84 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Morgan Stanley upped their target price on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Truist Financial upped their target price on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada boosted their price target on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, Barclays boosted their price target on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical has an average rating of “Moderate Buy” and an average price target of $77.20.

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.