Needham & Company LLC Reiterates Hold Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating restated by equities researchers at Needham & Company LLC in a report released on Thursday,Benzinga reports.

Other equities research analysts have also recently issued reports about the company. Bank of America upped their price target on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday, November 6th. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Wells Fargo & Company boosted their price objective on shares of Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Canaccord Genuity Group upped their price objective on shares of Globus Medical from $85.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Piper Sandler lifted their target price on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Up 0.6 %

NYSE:GMED opened at $87.09 on Thursday. The firm’s fifty day simple moving average is $83.06 and its 200 day simple moving average is $75.16. The stock has a market cap of $11.86 billion, a P/E ratio of 129.99, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. Globus Medical has a twelve month low of $49.33 and a twelve month high of $90.48.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (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 company had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the previous year, the company earned $0.57 earnings per share. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. On average, analysts expect that Globus Medical will post 2.97 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was 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. Over the last quarter, insiders sold 97,500 shares of company stock worth $7,674,950. 18.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds have recently bought and sold shares of GMED. Victory Capital Management Inc. lifted its stake in Globus Medical by 855.3% in the 2nd quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company’s stock valued at $26,112,000 after buying an additional 341,342 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical in the second quarter worth approximately $33,000. Choreo LLC purchased a new stake in shares of Globus Medical during the second quarter worth approximately $517,000. American Century Companies Inc. raised its stake in Globus Medical by 5.7% in the 2nd quarter. American Century Companies Inc. now owns 26,625 shares of the medical device company’s stock valued at $1,824,000 after purchasing an additional 1,442 shares during the last quarter. Finally, Schiavi & Co LLC purchased a new position in Globus Medical in the 2nd quarter valued at $205,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.