Globus Medical (NYSE:GMED) Reaches New 12-Month High on Analyst Upgrade

Shares of Globus Medical, Inc. (NYSE:GMED) reached a new 52-week high on Friday after Canaccord Genuity Group raised their price target on the stock from $92.00 to $101.00. Canaccord Genuity Group currently has a buy rating on the stock. Globus Medical traded as high as $89.93 and last traded at $88.04, with a volume of 471065 shares traded. The stock had previously closed at $86.55.

A number of other analysts have also weighed in on GMED. BTIG Research increased their price objective on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Roth Mkm increased their price objective on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Royal Bank of Canada increased their price objective on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus increased their price objective on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $96.91.

Insider Buying and Selling

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock valued at $7,674,950 over the last quarter. 18.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors have recently modified their holdings of GMED. V Square Quantitative Management LLC bought a new position in shares of Globus Medical during the third quarter valued at $27,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Globus Medical during the second quarter valued at $33,000. Quarry LP increased its holdings in shares of Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after acquiring an additional 433 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Globus Medical by 40.7% during the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after acquiring an additional 257 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Stock Up 0.6 %

The firm has a fifty day moving average price of $83.06 and a two-hundred day moving average price of $75.22. The stock has a market capitalization of $11.86 billion, a P/E ratio of 129.99, a P/E/G ratio of 1.97 and a beta of 1.19.

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, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same period last year, the company earned $0.57 earnings per share. The company’s revenue was up 63.1% on a year-over-year basis. Sell-side analysts anticipate that Globus Medical, Inc. will post 2.97 earnings per share for the current fiscal year.

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.