Analysts Set Globus Medical, Inc. (NYSE:GMED) Target Price at $77.20

Shares of Globus Medical, Inc. (NYSE:GMED) have been assigned an average rating of “Moderate Buy” from the eleven research firms that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $77.20.

GMED has been the subject of a number of recent analyst reports. BTIG Research boosted their price objective on Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Barclays upped their price target 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. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $60.00 to $78.00 in a report on Wednesday, August 7th. Morgan Stanley boosted their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Finally, Truist Financial raised their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical 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 transaction, the director now owns 16,419 shares in the company, valued at $1,149,330. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction on Friday, September 13th. The stock was 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 in the company, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction on 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 directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GMED. Vanguard Group Inc. raised its holdings in shares of Globus Medical by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock worth $600,990,000 after buying an additional 32,220 shares during the last quarter. Wellington Management Group LLP raised its stake in Globus Medical by 9.5% in the 4th quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock worth $155,205,000 after acquiring an additional 252,510 shares during the last quarter. Burgundy Asset Management Ltd. lifted its position in Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock worth $172,245,000 after acquiring an additional 35,054 shares during the period. Champlain Investment Partners LLC grew its stake in Globus Medical by 25.2% during the 1st quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock valued at $134,335,000 after purchasing an additional 503,745 shares during the last quarter. Finally, Magnetar Financial LLC increased its holdings in shares of Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after purchasing an additional 29,200 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Stock Performance

Shares of Globus Medical stock opened at $70.66 on Friday. The stock has a 50 day moving average price of $70.51 and a 200-day moving average price of $64.82. Globus Medical has a one year low of $43.38 and a one year high of $74.21. The stock has a market cap of $9.57 billion, a price-to-earnings ratio of 110.41, a price-to-earnings-growth ratio of 1.97 and a beta of 1.17.

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