Globus Medical (NYSE:GMED) Downgraded to Hold Rating by StockNews.com

StockNews.com downgraded shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a report released on Friday morning.

Several other equities research analysts have also recently issued reports on GMED. BTIG Research lifted their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Canaccord Genuity Group lifted their price objective on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Barclays upped their price objective on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Roth Mkm raised their target price on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Finally, Stifel Nicolaus upped their price target on shares of Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.09.

Globus Medical Stock Performance

Shares of GMED stock opened at $73.67 on Friday. The stock has a fifty day simple moving average of $83.61 and a two-hundred day simple moving average of $79.71. The firm has a market capitalization of $10.13 billion, a PE ratio of 98.22, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical has a 52-week low of $49.33 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) 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 analysts’ expectations of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. On average, sell-side analysts forecast that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several large investors have recently modified their holdings of the business. Oak Thistle LLC purchased a new stake in shares of Globus Medical during the 4th quarter worth $376,000. bLong Financial LLC purchased a new stake in shares of Globus Medical during the fourth quarter valued at about $397,000. Kathmere Capital Management LLC bought a new stake in shares of Globus Medical in the 4th quarter valued at about $23,091,000. Intech Investment Management LLC boosted its holdings in shares of Globus Medical by 291.3% in the 3rd 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 in the last quarter. Finally, Quest Partners LLC bought a new position in shares of Globus Medical during the 3rd quarter worth approximately $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.