Needham & Company LLC Reaffirms “Buy” Rating for Globus Medical (NYSE:GMED)

Needham & Company LLC reiterated their buy rating on shares of Globus Medical (NYSE:GMED) in a research note released on Thursday, AnalystRatings.com reports. They currently have a $63.00 price target on the medical device company’s stock.

Several other equities analysts have also recently weighed in on GMED. ValuEngine upgraded Globus Medical from a hold rating to a buy rating in a research report on Wednesday, September 4th. Zacks Investment Research upgraded Globus Medical from a sell rating to a hold rating and set a $54.00 price target for the company in a research report on Tuesday, August 6th. Cantor Fitzgerald lifted their price target on Globus Medical from $55.00 to $64.00 and gave the company an overweight rating in a research report on Thursday. Finally, Wells Fargo & Co lifted their price target on Globus Medical from $42.00 to $53.00 and gave the company a market perform rating in a research report on Tuesday, October 8th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $58.22.

Shares of NYSE GMED traded up $0.98 during mid-day trading on Thursday, hitting $55.72. The company had a trading volume of 585,132 shares, compared to its average volume of 578,325. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of 33.37, a P/E/G ratio of 2.74 and a beta of 0.95. Globus Medical has a 1 year low of $38.01 and a 1 year high of $56.34. The stock’s 50-day moving average price is $51.06 and its 200-day moving average price is $46.42.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, November 6th. The medical device company reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. The company had revenue of $196.22 million during the quarter, compared to analysts’ expectations of $185.86 million. Globus Medical had a return on equity of 13.29% and a net margin of 19.30%. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 earnings per share. As a group, research analysts forecast that Globus Medical will post 1.71 earnings per share for the current year.

In other Globus Medical news, SVP Kelly Huller sold 3,000 shares of Globus Medical stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.90, for a total transaction of $158,700.00. Following the completion of the sale, the senior vice president now owns 6,384 shares of the company’s stock, valued at $337,713.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David D. Davidar sold 50,000 shares of Globus Medical stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $49.33, for a total value of $2,466,500.00. Following the sale, the director now directly owns 754,775 shares of the company’s stock, valued at approximately $37,233,050.75. The disclosure for this sale can be found here. 24.97% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its stake in Globus Medical by 0.9% during the second quarter. BlackRock Inc. now owns 9,629,795 shares of the medical device company’s stock worth $407,340,000 after purchasing an additional 89,022 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Globus Medical by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 7,181,055 shares of the medical device company’s stock worth $303,760,000 after purchasing an additional 31,142 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Globus Medical by 83.1% in the 2nd quarter. Janus Henderson Group PLC now owns 6,179,600 shares of the medical device company’s stock worth $261,397,000 after purchasing an additional 2,803,797 shares in the last quarter. Van Berkom & Associates Inc. boosted its position in shares of Globus Medical by 10.3% in the 2nd quarter. Van Berkom & Associates Inc. now owns 1,476,695 shares of the medical device company’s stock worth $62,464,000 after purchasing an additional 137,561 shares in the last quarter. Finally, GW&K Investment Management LLC boosted its position in shares of Globus Medical by 35.4% in the 3rd quarter. GW&K Investment Management LLC now owns 1,447,134 shares of the medical device company’s stock worth $73,977,000 after purchasing an additional 378,211 shares in the last quarter. 68.00% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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