Algert Global LLC Raises Position in Globus Medical, Inc. (NYSE:GMED)

Algert Global LLC lifted its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 54.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 121,233 shares of the medical device company’s stock after buying an additional 42,850 shares during the quarter. Algert Global LLC’s holdings in Globus Medical were worth $8,673,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new stake in shares of Globus Medical during the third quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in Globus Medical during the 2nd quarter worth $33,000. Farther Finance Advisors LLC lifted its holdings in Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after buying an additional 385 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after acquiring an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Globus Medical during the second quarter worth about $52,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GMED. Roth Mkm reissued a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a report on Wednesday, November 6th. Royal Bank of Canada increased their target price on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. BTIG Research upped their price target on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Bank of America raised their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $88.18.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’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 transaction of $4,801,200.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,000 shares of company stock valued at $8,512,850. Insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

Globus Medical stock opened at $84.72 on Friday. Globus Medical, Inc. has a 1 year low of $44.02 and a 1 year high of $85.30. The firm’s 50-day moving average is $74.76 and its 200-day moving average is $70.69. The company has a market cap of $11.54 billion, a P/E ratio of 126.45, a PEG ratio of 2.03 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. As a group, sell-side analysts predict that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

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.