Globus Medical, Inc. (NYSE:GMED) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. trimmed its stake in Globus Medical, Inc. (NYSE:GMED) by 7.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 23,360 shares of the medical device company’s stock after selling 1,750 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Globus Medical were worth $1,671,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in shares of Globus Medical during the third quarter worth about $27,000. Ashton Thomas Private Wealth LLC purchased a new position in Globus Medical during the 2nd quarter worth approximately $33,000. Farther Finance Advisors LLC increased its position in Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after buying an additional 385 shares during the period. GAMMA Investing LLC lifted its stake in Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Globus Medical in the second quarter valued at approximately $52,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on GMED shares. Royal Bank of Canada upped their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Piper Sandler increased their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Wells Fargo & Company boosted their price target on Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Stifel Nicolaus upped their price objective on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted their target price on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $88.18.

Insider Transactions at Globus Medical

In other news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock worth $8,512,850 in the last ninety days. Insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $81.10 on Monday. Globus Medical, Inc. has a 12-month low of $44.02 and a 12-month high of $84.87. The stock’s 50-day moving average price is $73.36 and its two-hundred day moving average price is $69.82. The firm has a market cap of $10.98 billion, a price-to-earnings ratio of 121.04, a PEG ratio of 1.94 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. Globus Medical’s revenue was up 63.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 earnings per share. As a group, research analysts forecast that Globus Medical, Inc. will post 2.98 earnings per share for the current fiscal 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.