Squarepoint Ops LLC Has $1.47 Million Position in Globus Medical, Inc. (NYSE:GMED)

Squarepoint Ops LLC lessened its holdings in Globus Medical, Inc. (NYSE:GMED) by 86.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,482 shares of the medical device company’s stock after selling 134,319 shares during the quarter. Squarepoint Ops LLC’s holdings in Globus Medical were worth $1,471,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC bought a new stake in Globus Medical in the second quarter valued at about $33,000. GAMMA Investing LLC grew its stake in shares of Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares during the period. YHB Investment Advisors Inc. acquired a new position in shares of Globus Medical in the 1st quarter worth approximately $50,000. International Assets Investment Management LLC acquired a new position in shares of Globus Medical in the 2nd quarter worth approximately $52,000. Finally, Mather Group LLC. bought a new position in shares of Globus Medical during the 1st quarter worth approximately $69,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Price Performance

GMED stock opened at $70.66 on Friday. The company has a 50 day moving average price of $70.51 and a 200 day moving average price of $64.64. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $74.21. The stock has a market capitalization of $9.57 billion, a PE ratio of 110.41, a price-to-earnings-growth ratio of 1.97 and a beta of 1.17.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on GMED shares. Truist Financial upped their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research 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 research report on Monday, July 15th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Barclays raised their price objective 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. Finally, Royal Bank of Canada boosted their target price on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and an average target price of $77.20.

Insider Buying and Selling at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was 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 owns 16,419 shares in the company, valued at approximately $1,149,330. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate 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.