Globus Medical (NYSE:GMED) Price Target Raised to $92.00

Globus Medical (NYSE:GMED) had its price target hoisted by Royal Bank of Canada from $80.00 to $92.00 in a research report released on Wednesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the medical device company’s stock.

Several other research analysts also recently issued reports on the stock. Bank of America upped their price target on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday. Truist Financial boosted their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Morgan Stanley lifted their target price on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. BTIG Research upped their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Barclays boosted their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and a consensus price target of $87.09.

Globus Medical Trading Down 0.4 %

NYSE:GMED traded down $0.31 during mid-day trading on Wednesday, hitting $82.40. The company’s stock had a trading volume of 393,329 shares, compared to its average volume of 995,334. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $84.87. The company has a market capitalization of $11.16 billion, a price-to-earnings ratio of 275.67, a P/E/G ratio of 2.06 and a beta of 1.17. The stock has a fifty day moving average of $71.92 and a 200-day moving average of $68.16.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. During the same period last year, the firm posted $0.57 EPS. On average, equities analysts anticipate that Globus Medical will post 2.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GMED. Swedbank AB lifted its position in Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after buying an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in Globus Medical by 17.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after acquiring an additional 172,605 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Globus Medical during the first quarter valued at approximately $429,000. State Board of Administration of Florida Retirement System grew its stake in Globus Medical by 12.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock valued at $4,839,000 after purchasing an additional 9,754 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Globus Medical during the 2nd quarter worth approximately $611,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.