Globus Medical (NYSE:GMED) Raised to “Buy” at StockNews.com

Globus Medical (NYSE:GMED) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.

A number of other equities analysts have also commented on GMED. Roth Mkm reiterated a “buy” rating and issued a $100.00 price objective on shares of Globus Medical in a research note on Wednesday, November 6th. Barclays lifted their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Canaccord Genuity Group boosted their price target on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Morgan Stanley boosted their price target on Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Truist Financial boosted their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $88.18.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $82.55 on Tuesday. The stock has a fifty day moving average of $72.69 and a 200-day moving average of $69.16. The company has a market capitalization of $11.18 billion, a PE ratio of 123.85, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. Globus Medical has a one year low of $44.02 and a one year high of $84.87.

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, beating analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million during 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%. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. As a group, research analysts forecast that Globus Medical will post 2.98 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 transaction of $1,055,400.00. Following the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock valued at $8,512,850 in the last three months. 18.54% of the stock is owned by corporate insiders.

Institutional Trading of Globus Medical

A number of large investors have recently made changes to their positions in GMED. Swedbank AB boosted its stake in Globus Medical by 15.4% in the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after purchasing an additional 50,000 shares during the period. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Globus Medical by 17.9% during the 2nd 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 buying an additional 172,605 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Globus Medical by 12.9% during the 1st 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 buying an additional 9,754 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Globus Medical during the 1st quarter worth about $429,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Globus Medical during the 2nd quarter worth about $611,000. 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.