Globus Medical (NYSE:GMED) Price Target Raised to $95.00 at Wells Fargo & Company

Globus Medical (NYSE:GMED) had its target price raised by investment analysts at Wells Fargo & Company from $88.00 to $95.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the medical device company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 14.35% from the stock’s previous close.

GMED has been the topic of several other reports. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. Stifel Nicolaus boosted their price target on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. BTIG Research lifted their price objective on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Roth Mkm reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada lifted their price objective on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $91.00.

Globus Medical Trading Up 0.2 %

GMED stock traded up $0.19 during trading hours on Wednesday, hitting $83.08. 50,328 shares of the stock were exchanged, compared to its average volume of 991,092. The firm has a market capitalization of $11.31 billion, a P/E ratio of 124.06, a P/E/G ratio of 1.99 and a beta of 1.19. The company has a 50-day simple moving average of $77.81 and a two-hundred day simple moving average of $72.40. Globus Medical has a 12 month low of $46.75 and a 12 month high of $87.22.

Globus Medical (NYSE:GMED) last released its 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 company had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 EPS. On average, equities research analysts predict that Globus Medical will post 2.97 earnings per share for the current year.

Insider Transactions at Globus Medical

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $3,017,318.24. This trade represents a 25.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,500 shares of company stock valued at $8,730,350 over the last ninety days. 18.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. bought a new position in Globus Medical in the 3rd quarter valued at $3,833,000. Synovus Financial Corp grew its stake in shares of Globus Medical by 9.8% during the 3rd quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company’s stock worth $1,024,000 after acquiring an additional 1,281 shares during the period. Wilmington Savings Fund Society FSB grew its stake in shares of Globus Medical by 11.3% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 14,470 shares of the medical device company’s stock worth $1,035,000 after acquiring an additional 1,470 shares during the period. Sanctuary Advisors LLC grew its stake in shares of Globus Medical by 33.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,945 shares of the medical device company’s stock worth $855,000 after acquiring an additional 3,022 shares during the period. Finally, TT International Asset Management LTD bought a new position in shares of Globus Medical during the 3rd quarter worth $3,169,000. 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.