Globus Medical (NYSE:GMED) Upgraded to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Globus Medical (NYSE:GMED) from an equal weight rating to an overweight rating in a research report sent to investors on Monday, MarketBeat reports. The brokerage currently has $100.00 price target on the medical device company’s stock, up from their prior price target of $83.00.

Other analysts also recently issued reports about the company. Piper Sandler raised their target price on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Roth Mkm reissued a “buy” rating and issued a $100.00 price objective on shares of Globus Medical in a report on Wednesday, November 6th. Bank of America boosted their price objective on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, November 6th. Truist Financial increased their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $89.73.

Globus Medical Trading Down 2.0 %

GMED stock opened at $83.90 on Monday. The stock has a market cap of $11.42 billion, a P/E ratio of 125.22, a P/E/G ratio of 2.04 and a beta of 1.17. The stock’s fifty day simple moving average is $76.52 and its two-hundred day simple moving average is $71.77. Globus Medical has a 1-year low of $44.02 and a 1-year high of $87.22.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same period in the previous year, the firm earned $0.57 EPS. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. As a group, analysts forecast that Globus Medical will post 2.98 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated 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 completion of the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock worth $8,512,850 in the last ninety days. 18.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globus Medical

Hedge funds and other institutional investors have recently bought and sold shares of the business. Select Equity Group L.P. bought a new position in Globus Medical in the 2nd quarter valued at approximately $91,711,000. Millennium Management LLC increased its position in shares of Globus Medical by 1,171.5% during the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after purchasing an additional 1,256,570 shares during the last quarter. ArrowMark Colorado Holdings LLC bought a new position in Globus Medical in the third quarter worth approximately $43,947,000. Parsifal Capital Management LP raised its holdings in Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after purchasing an additional 453,053 shares during the period. Finally, Artemis Investment Management LLP bought a new position in shares of Globus Medical in the third quarter worth about $30,656,000. Hedge funds and other 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.