ProShare Advisors LLC Sells 311 Shares of Globus Medical, Inc. (NYSE:GMED)

ProShare Advisors LLC lessened its position in Globus Medical, Inc. (NYSE:GMED) by 5.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,580 shares of the medical device company’s stock after selling 311 shares during the quarter. ProShare Advisors LLC’s holdings in Globus Medical were worth $382,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in GMED. Nisa Investment Advisors LLC grew its stake in shares of Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after buying an additional 160 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Globus Medical by 0.4% during the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after buying an additional 183 shares during the last quarter. Radnor Capital Management LLC grew its stake in shares of Globus Medical by 0.7% during the first quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock valued at $1,561,000 after buying an additional 215 shares during the last quarter. Covestor Ltd grew its stake in shares of Globus Medical by 12.7% during the first quarter. Covestor Ltd now owns 2,243 shares of the medical device company’s stock valued at $120,000 after buying an additional 252 shares during the last quarter. Finally, Comerica Bank grew its stake in shares of Globus Medical by 0.5% during the first quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock valued at $2,940,000 after buying an additional 293 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on GMED shares. BTIG Research increased their target price on shares of Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Barclays increased their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Truist Financial increased their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Morgan Stanley increased their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $77.20.

Globus Medical Price Performance

Shares of GMED opened at $69.98 on Thursday. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $74.21. The company has a 50-day simple moving average of $70.57 and a two-hundred day simple moving average of $64.47. The firm has a market capitalization of $9.47 billion, a PE ratio of 109.34, a price-to-earnings-growth ratio of 1.97 and a beta of 1.17.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. During the same period last year, the business posted $0.63 earnings per share. Globus Medical’s quarterly revenue was up 115.9% compared to the same quarter last year. Analysts expect that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Insider Activity

In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction 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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following 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. Company insiders own 18.54% of the company’s stock.

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.