Globus Medical (NYSE:GMED) Receives Hold Rating from Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Globus Medical (NYSE:GMED) in a report published on Thursday morning,Benzinga reports.

Several other research firms have also commented on GMED. Roth Mkm raised their price target on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Wells Fargo & Company lifted their price target on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Stifel Nicolaus increased their price target on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. BTIG Research raised their price objective on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, 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 report on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $96.09.

Globus Medical Trading Up 3.5 %

Shares of NYSE GMED opened at $86.34 on Thursday. The company has a 50 day simple moving average of $82.81 and a two-hundred day simple moving average of $75.02. The stock has a market cap of $11.76 billion, a price-to-earnings ratio of 128.87, a PEG ratio of 1.97 and a beta of 1.19. Globus Medical has a 12 month low of $49.33 and a 12 month high of $87.22.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. Analysts forecast that Globus Medical will post 2.97 EPS for the current year.

Insider Activity

In related news, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares in the company, valued at $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock worth $7,674,950 over the last ninety days. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GMED. Victory Capital Management Inc. lifted its stake in shares of Globus Medical by 855.3% in the 2nd quarter. Victory Capital Management Inc. now owns 381,253 shares of the medical device company’s stock valued at $26,112,000 after purchasing an additional 341,342 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in Globus Medical during the second quarter worth about $33,000. Choreo LLC purchased a new position in Globus Medical during the second quarter worth about $517,000. American Century Companies Inc. increased its position in shares of Globus Medical by 5.7% during the second quarter. American Century Companies Inc. now owns 26,625 shares of the medical device company’s stock valued at $1,824,000 after acquiring an additional 1,442 shares during the last quarter. Finally, Schiavi & Co LLC purchased a new stake in shares of Globus Medical in the 2nd quarter valued at approximately $205,000. 95.16% of the stock is currently owned by hedge funds and other 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.