Globus Medical (NYSE:GMED) Raised to “Overweight” at Morgan Stanley

Globus Medical (NYSE:GMED) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. The firm currently has a $100.00 target price on the medical device company’s stock, up from their previous target price of $83.00. Morgan Stanley’s price target points to a potential upside of 16.81% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Wells Fargo & Company upped their target price on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Barclays lifted their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Roth Mkm restated a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted their price objective on shares of Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $89.73.

Globus Medical Stock Up 0.4 %

NYSE GMED opened at $85.61 on Monday. Globus Medical has a 52 week low of $44.02 and a 52 week high of $86.00. The company has a market capitalization of $11.66 billion, a P/E ratio of 127.78, a price-to-earnings-growth ratio of 2.04 and a beta of 1.17. The stock’s 50-day moving average price is $76.26 and its 200-day moving average price is $71.63.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm’s revenue was up 63.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 EPS. Research analysts anticipate that Globus Medical will post 2.98 EPS for the current year.

Insider Activity at Globus Medical

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kelly Huller sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock valued at $8,512,850 over the last 90 days. 18.54% of the stock is owned by corporate insiders.

Institutional Trading of Globus Medical

A number of institutional investors have recently bought and sold shares of GMED. V Square Quantitative Management LLC bought a new position in Globus Medical during the third quarter valued at $27,000. Ashton Thomas Private Wealth LLC bought a new position in Globus Medical during the 2nd quarter valued at about $33,000. Quarry LP raised its position in Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after purchasing an additional 433 shares during the period. Farther Finance Advisors LLC raised its position 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 purchasing an additional 385 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares during the last quarter. 95.16% of the stock is currently owned by 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.