Compass Ion Advisors LLC Reduces Stock Position in Globus Medical, Inc. (NYSE:GMED)

Compass Ion Advisors LLC lessened its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 5.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,610 shares of the medical device company’s stock after selling 2,045 shares during the period. Compass Ion Advisors LLC’s holdings in Globus Medical were worth $1,964,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. 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 worth $66,000 after acquiring an additional 254 shares during the period. Mather Group LLC. bought a new position in Globus Medical in the first quarter worth about $69,000. Quest Partners LLC bought a new position in Globus Medical in the fourth quarter worth about $81,000. HighPoint Advisor Group LLC purchased a new stake in Globus Medical in the fourth quarter worth about $201,000. Finally, First Hawaiian Bank bought a new stake in Globus Medical during the 1st quarter valued at approximately $231,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Globus Medical Price Performance

Shares of NYSE:GMED opened at $68.49 on Monday. The company has a market capitalization of $9.27 billion, a P/E ratio of 107.02, a P/E/G ratio of 1.91 and a beta of 1.15. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $69.12. The firm’s 50 day simple moving average is $62.32 and its two-hundred day simple moving average is $56.51.

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

Insider Buying and Selling at Globus Medical

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

Globus Medical 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.