Allspring Global Investments Holdings LLC Sells 512,559 Shares of Globus Medical, Inc. (NYSE:GMED)

Allspring Global Investments Holdings LLC reduced its position in Globus Medical, Inc. (NYSE:GMED) by 99.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 418 shares of the medical device company’s stock after selling 512,559 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Globus Medical were worth $30,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Swedbank AB boosted its position in shares of Globus Medical by 15.4% during the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after acquiring an additional 50,000 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Globus Medical by 17.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after acquiring an additional 172,605 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of Globus Medical during the first quarter worth $429,000. State Board of Administration of Florida Retirement System boosted its position in shares of Globus Medical by 12.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock worth $4,839,000 after acquiring an additional 9,754 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of Globus Medical during the second quarter worth $611,000. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Trading Up 1.2 %

Shares of GMED opened at $75.59 on Wednesday. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $76.13. The company has a market cap of $10.24 billion, a P/E ratio of 251.97, a P/E/G ratio of 2.07 and a beta of 1.17. The company’s fifty day simple moving average is $71.69 and its 200-day simple moving average is $68.06.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.07. The business had revenue of $629.69 million for the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business’s revenue for the quarter was up 115.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 earnings per share. Analysts predict that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the 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 owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on GMED. Morgan Stanley upped their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Barclays upped their price target on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Truist Financial upped their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Wells Fargo & Company raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $78.00 in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Three investment 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, Globus Medical presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.78.

Globus Medical Company 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.