Globus Medical (NYSE:GMED) Reaches New 12-Month High at $68.43

Shares of Globus Medical, Inc. (NYSE:GMED) hit a new 52-week high on Thursday . The stock traded as high as $68.43 and last traded at $68.31, with a volume of 105044 shares changing hands. The stock had previously closed at $68.06.

Analyst Ratings Changes

GMED has been the subject of several recent research reports. Piper Sandler upgraded Globus Medical from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $80.00 in a research report on Monday, May 20th. Stifel Nicolaus lifted their price target on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. BTIG Research lifted their price target on Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, May 29th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday, May 8th. Finally, Barclays raised their price objective on Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and an average target price of $69.40.

Globus Medical Stock Down 0.5 %

The company has a market cap of $9.27 billion, a PE ratio of 107.02, a P/E/G ratio of 1.92 and a beta of 1.15. The stock has a 50-day simple moving average of $62.32 and a 200 day simple moving average of $56.40.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. The company had revenue of $606.67 million for the quarter, compared to the consensus estimate of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The company’s revenue for the quarter was up 119.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.53 earnings per share. As a group, research analysts anticipate that Globus Medical, Inc. will post 2.82 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In related news, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director David D. Davidar sold 20,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total transaction of $1,300,000.00. Following the completion of the transaction, the director now directly owns 566,275 shares of the company’s stock, valued at approximately $36,807,875. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dan Lemaitre sold 63,300 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Radnor Capital Management LLC boosted its position in shares of Globus Medical by 0.7% during the 1st quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock worth $1,561,000 after acquiring an additional 215 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Globus Medical by 3.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock worth $378,000 after buying an additional 244 shares during the last quarter. Covestor Ltd lifted its stake in Globus Medical by 12.7% in the first quarter. Covestor Ltd now owns 2,243 shares of the medical device company’s stock valued at $120,000 after buying an additional 252 shares during the last quarter. Allworth Financial LP lifted its stake in Globus Medical by 25.7% in the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after buying an additional 254 shares during the last quarter. Finally, Comerica Bank boosted its holdings in shares of Globus Medical by 0.5% in the first quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock valued at $2,940,000 after acquiring an additional 293 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

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.