Globus Medical, Inc. (NYSE:GMED) CEO Sells $4,801,200.00 in Stock

Globus Medical, Inc. (NYSE:GMED) CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Globus Medical Trading Down 1.3 %

GMED stock traded down $1.09 during trading on Friday, reaching $80.88. The stock had a trading volume of 1,804,166 shares, compared to its average volume of 1,003,765. The firm has a fifty day moving average price of $71.92 and a 200 day moving average price of $68.16. The company has a market capitalization of $10.95 billion, a P/E ratio of 273.23, a PEG ratio of 2.06 and a beta of 1.17. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $84.87.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business’s quarterly revenue was up 63.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.57 earnings per share. Sell-side analysts predict that Globus Medical, Inc. will post 2.84 EPS for the current year.

Institutional Trading of Globus Medical

A number of hedge funds have recently bought and sold shares of the stock. Stephens Inc. AR boosted its stake in shares of Globus Medical by 3.4% in the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after purchasing an additional 138 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Globus Medical by 2.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after purchasing an additional 140 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after buying an additional 160 shares during the last quarter. Van ECK Associates Corp increased its holdings in Globus Medical by 0.4% during the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock worth $3,145,000 after buying an additional 183 shares during the last quarter. Finally, Central Pacific Bank Trust Division increased its holdings in shares of Globus Medical by 6.2% in the third quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after purchasing an additional 220 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GMED has been the subject of a number of analyst reports. Royal Bank of Canada boosted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday. Wells Fargo & Company upped their price objective on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday. Bank of America upped their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday. Barclays upped their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Finally, Piper Sandler increased their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

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.