Globus Medical (NYSE:GMED) Receives Hold Rating from Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Globus Medical (NYSE:GMED) in a report issued on Tuesday morning,Benzinga reports.

Several other equities research analysts also recently issued reports on the company. StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a research report on Thursday, March 13th. Truist Financial increased their price objective on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Barclays raised their target price on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Finally, Roth Mkm raised their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.09.

Globus Medical Stock Performance

Shares of GMED opened at $73.86 on Tuesday. The firm has a market cap of $10.16 billion, a P/E ratio of 98.48, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. Globus Medical has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The business has a 50-day moving average of $83.88 and a 200 day moving average of $79.71.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. The firm had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. As a group, research analysts predict that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 18.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Globus Medical

Hedge funds have recently added to or reduced their stakes in the company. Oak Thistle LLC purchased a new stake in shares of Globus Medical in the 4th quarter valued at $376,000. bLong Financial LLC bought a new stake in Globus Medical in the fourth quarter worth $397,000. Kathmere Capital Management LLC bought a new stake in Globus Medical in the fourth quarter worth $23,091,000. Intech Investment Management LLC boosted its position in Globus Medical by 291.3% during the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after buying an additional 15,283 shares during the period. Finally, Quest Partners LLC bought a new position in shares of Globus Medical during the third quarter valued at about $523,000. 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.