Globus Medical (NYSE:GMED) Sets New 52-Week High at $65.98

Shares of Globus Medical, Inc. (NYSE:GMED) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $65.98 and last traded at $65.98, with a volume of 3063 shares trading hands. The stock had previously closed at $64.40.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GMED. BTIG Research boosted their price objective on shares of Globus Medical from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Barclays raised their target price on Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Truist Financial lifted their price objective on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Piper Sandler raised Globus Medical from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $60.00 to $80.00 in a report on Monday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Globus Medical has an average rating of “Moderate Buy” and an average target price of $68.50.

Globus Medical Price Performance

The firm’s fifty day moving average price is $54.29 and its 200-day moving average price is $52.42. The company has a market cap of $9.01 billion, a price-to-earnings ratio of 103.95, a P/E/G ratio of 1.84 and a beta of 1.11.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The firm had revenue of $606.67 million during the quarter, compared to analyst estimates of $586.82 million. During the same period in the previous year, the business posted $0.53 EPS. Globus Medical’s revenue was up 119.3% on a year-over-year basis. As a group, equities analysts forecast that Globus Medical, Inc. will post 2.82 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In related news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $64.61, for a total value of $4,089,813.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the completion of the transaction, the director now owns 17,419 shares of the company’s stock, valued at $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The disclosure for this sale can be found here. Insiders have sold a total of 93,890 shares of company stock worth $5,940,387 in the last three months. 18.54% of the stock is owned by company insiders.

Institutional Trading of Globus Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in GMED. Swedbank AB purchased a new stake in shares of Globus Medical during the first quarter valued at $17,433,000. Comerica Bank raised its holdings in shares of Globus Medical by 0.5% during the first quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock valued at $2,940,000 after acquiring an additional 293 shares during the period. Motley Fool Asset Management LLC raised its holdings in shares of Globus Medical by 243.8% during the first quarter. Motley Fool Asset Management LLC now owns 213,817 shares of the medical device company’s stock valued at $11,469,000 after acquiring an additional 151,623 shares during the period. Ionic Capital Management LLC purchased a new stake in shares of Globus Medical in the 1st quarter valued at approximately $2,736,000. Finally, Kennedy Capital Management LLC boosted its stake in Globus Medical by 28.0% in the 1st quarter. Kennedy Capital Management LLC now owns 452,473 shares of the medical device company’s stock worth $24,271,000 after purchasing an additional 98,977 shares during the period. 95.16% of the stock is currently owned by institutional investors.

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.