Globus Medical (NYSE:GMED) Reaches New 12-Month High on Analyst Upgrade

Globus Medical, Inc. (NYSE:GMED)’s share price reached a new 52-week high during mid-day trading on Friday after Canaccord Genuity Group raised their price target on the stock from $92.00 to $101.00. Canaccord Genuity Group currently has a buy rating on the stock. Globus Medical traded as high as $89.93 and last traded at $88.04, with a volume of 471065 shares trading hands. The stock had previously closed at $86.55.

A number of other research firms also recently issued reports on GMED. Wells Fargo & Company boosted their price target on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Royal Bank of Canada boosted their price target on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Piper Sandler lifted their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $80.00 to $97.00 in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $96.91.

Insider Buying and Selling

In related news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business’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 value of $4,801,200.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,500 shares of company stock valued at $7,674,950. Corporate insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

Several hedge funds have recently modified their holdings of GMED. V Square Quantitative Management LLC purchased a new stake in shares of Globus Medical during the 3rd quarter worth approximately $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Globus Medical during the 2nd quarter worth approximately $33,000. Quarry LP raised its holdings in shares of Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after acquiring an additional 433 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of 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 acquiring an additional 385 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Globus Medical by 40.7% during the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after acquiring an additional 257 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Stock Performance

The firm has a market capitalization of $11.86 billion, a PE ratio of 129.99, a PEG ratio of 1.97 and a beta of 1.19. The company has a fifty day moving average price of $83.06 and a 200-day moving average price of $75.22.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company’s revenue for the quarter was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. On average, equities analysts predict that Globus Medical, Inc. will post 2.97 earnings per share for the current 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.