Stifel Nicolaus Boosts Globus Medical (NYSE:GMED) Price Target to $92.00

Globus Medical (NYSE:GMED) had its price target boosted by analysts at Stifel Nicolaus from $80.00 to $92.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the medical device company’s stock. Stifel Nicolaus’ price target points to a potential upside of 13.93% from the stock’s previous close.

Several other brokerages also recently weighed in on GMED. Piper Sandler lifted their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America boosted their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday. Wells Fargo & Company lifted their target price on Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday. Royal Bank of Canada raised their price target on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Truist Financial increased their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Price Performance

Shares of NYSE:GMED traded down $1.22 during trading on Wednesday, reaching $80.75. 365,191 shares of the company’s stock traded hands, compared to its average volume of 996,902. The company has a 50 day moving average of $71.92 and a 200-day moving average of $68.16. Globus Medical has a 12 month low of $43.38 and a 12 month high of $84.87. The stock has a market capitalization of $10.93 billion, a P/E ratio of 273.23, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17.

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, topping the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business’s revenue was up 63.1% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. Equities research analysts predict that Globus Medical will post 2.84 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Globus Medical

Several large investors have recently made changes to their positions in the company. Pathstone Holdings LLC increased its stake in shares of Globus Medical by 2.6% during the 3rd quarter. Pathstone Holdings LLC now owns 41,007 shares of the medical device company’s stock worth $2,934,000 after purchasing an additional 1,055 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Globus Medical in the third quarter worth about $523,000. Sheaff Brock Investment Advisors LLC increased its holdings in shares of Globus Medical by 0.8% during the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 39,024 shares of the medical device company’s stock valued at $2,792,000 after acquiring an additional 321 shares during the last quarter. KBC Group NV raised its stake in shares of Globus Medical by 0.5% in the 3rd quarter. KBC Group NV now owns 45,505 shares of the medical device company’s stock valued at $3,255,000 after acquiring an additional 237 shares in the last quarter. Finally, Geneva Capital Management LLC lifted its holdings in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after purchasing an additional 18,117 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

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.