Globus Medical (NYSE:GMED) Upgraded to “Overweight” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Globus Medical (NYSE:GMED) from an equal weight rating to an overweight rating in a research report released on Wednesday morning, Marketbeat reports. The firm currently has $78.00 target price on the medical device company’s stock, up from their prior target price of $60.00.

Other equities research analysts have also recently issued reports about the stock. BTIG Research raised their target price on shares of Globus Medical from $72.00 to $75.00 and gave the stock a buy rating in a research report on Monday, July 15th. Barclays raised their price target on Globus Medical from $83.00 to $85.00 and gave the company an overweight rating in a report on Thursday, May 9th. Morgan Stanley increased their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the company an equal weight rating in a research report on Monday, July 15th. Needham & Company LLC restated a hold rating on shares of Globus Medical in a research note on Wednesday, May 8th. Finally, Piper Sandler raised shares of Globus Medical from a neutral rating to an overweight rating and raised their price target for the company from $60.00 to $80.00 in a research report on Monday, May 20th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $76.20.

Globus Medical Price Performance

Shares of GMED opened at $71.63 on Wednesday. Globus Medical has a 1 year low of $43.38 and a 1 year high of $74.21. The firm has a market cap of $9.70 billion, a P/E ratio of 110.30, a P/E/G ratio of 1.95 and a beta of 1.15. The stock has a 50 day simple moving average of $68.89 and a two-hundred day simple moving average of $59.80.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The company had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. Globus Medical’s revenue for the quarter was up 115.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.63 EPS. On average, equities analysts anticipate that Globus Medical will post 2.82 earnings per share for the current year.

Insider Activity at Globus Medical

In related news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the transaction, the director now owns 16,419 shares in the company, valued at $1,149,330. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the sale, the director now owns 16,419 shares of the company’s stock, valued at $1,149,330. The disclosure for this sale can be found here. 18.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Globus Medical

Several large investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its holdings in Globus Medical by 5.7% during the 2nd quarter. American Century Companies Inc. now owns 26,625 shares of the medical device company’s stock worth $1,824,000 after acquiring an additional 1,442 shares in the last quarter. Rice Hall James & Associates LLC increased its position in Globus Medical by 17.8% during the 2nd quarter. Rice Hall James & Associates LLC now owns 69,174 shares of the medical device company’s stock valued at $4,738,000 after buying an additional 10,469 shares in the last quarter. Choreo LLC purchased a new position in shares of Globus Medical in the 2nd quarter valued at approximately $517,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical during the second quarter worth $33,000. Finally, Victory Capital Management Inc. grew its stake in Globus Medical by 855.3% during the 2nd quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company’s stock valued at $26,112,000 after purchasing an additional 341,342 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other 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.