Globus Medical (NYSE:GMED) Upgraded by Morgan Stanley to Overweight Rating

Morgan Stanley upgraded shares of Globus Medical (NYSE:GMED) from an equal weight rating to an overweight rating in a research note issued to investors on Monday, MarketBeat reports. Morgan Stanley currently has $100.00 price target on the medical device company’s stock, up from their prior price target of $83.00.

Several other equities research analysts have also recently weighed in on GMED. Bank of America boosted their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 6th. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Wells Fargo & Company lifted their price objective on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Royal Bank of Canada increased their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $89.73.

Globus Medical Stock Performance

NYSE GMED opened at $83.90 on Monday. The stock has a 50 day moving average price of $76.52 and a 200-day moving average price of $71.77. Globus Medical has a one year low of $44.02 and a one year high of $87.22. The company has a market capitalization of $11.42 billion, a P/E ratio of 125.22, a P/E/G ratio of 2.04 and a beta of 1.17.

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

Insider Activity

In related news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $3,017,318.24. This trade represents a 25.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,000 shares of company stock worth $8,512,850. 18.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globus Medical

Institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new position in Globus Medical during the third quarter worth $27,000. Ashton Thomas Private Wealth LLC purchased a new position in Globus Medical in the 2nd quarter valued at about $33,000. Quarry LP boosted its holdings in Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after buying an additional 433 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Globus Medical by 230.5% during the 3rd 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 in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after acquiring an additional 453 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.