Globus Medical (NYSE:GMED) PT Raised to $63.00 at BTIG Research

Globus Medical (NYSE:GMED) had its price target upped by investment analysts at BTIG Research from $60.00 to $63.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the medical device company’s stock. BTIG Research’s target price would indicate a potential downside of 2.17% from the company’s current price.

Several other equities research analysts have also issued reports on GMED. Truist Financial raised their price objective on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 price objective on shares of Globus Medical in a research note on Thursday, January 11th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Wednesday. Finally, Stifel Nicolaus lifted their price target on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $66.50.

Globus Medical Trading Up 4.3 %

GMED stock opened at $64.40 on Wednesday. The firm has a fifty day moving average price of $52.71 and a 200 day moving average price of $51.35. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $65.74. The firm has a market cap of $8.72 billion, a PE ratio of 55.04, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The firm had revenue of $606.67 million for the quarter, compared to the consensus estimate of $586.82 million. During the same period in the previous year, the firm posted $0.53 EPS. The business’s quarterly revenue was up 119.3% on a year-over-year basis. Sell-side analysts anticipate that Globus Medical will post 2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the transaction, the director now owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 24.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Globus Medical by 49.7% during the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock worth $558,339,000 after buying an additional 3,732,959 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Globus Medical by 16.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock valued at $53,873,000 after purchasing an additional 141,492 shares during the last quarter. SG Americas Securities LLC raised its holdings in Globus Medical by 854.5% in the fourth quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock worth $8,544,000 after purchasing an additional 143,540 shares in the last quarter. Leeward Investments LLC MA lifted its position in shares of Globus Medical by 14.5% during the fourth quarter. Leeward Investments LLC MA now owns 174,141 shares of the medical device company’s stock valued at $9,280,000 after buying an additional 22,022 shares during the last quarter. Finally, Sector Gamma AS bought a new stake in shares of Globus Medical in the 3rd quarter valued at about $11,014,000. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Company Profile

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.