Globus Medical (NYSE:GMED) Price Target Raised to $94.00

Globus Medical (NYSE:GMED) had its target price lifted by Stifel Nicolaus from $92.00 to $94.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the medical device company’s stock.

A number of other brokerages have also recently weighed in on GMED. BTIG Research boosted their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Canaccord Genuity Group boosted their target price on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Finally, Truist Financial boosted their price target on shares of Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Stock Performance

Shares of GMED opened at $80.43 on Friday. The company has a market capitalization of $10.95 billion, a PE ratio of 107.24, a PEG ratio of 1.61 and a beta of 1.19. The company’s 50 day moving average price is $86.72 and its 200 day moving average price is $79.16. Globus Medical has a 52 week low of $49.33 and a 52 week high of $94.93.

Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. On average, equities analysts forecast that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. 18.54% of the stock is owned by corporate insiders.

Institutional Trading of Globus Medical

A number of hedge funds have recently modified their holdings of GMED. Norges Bank acquired a new stake in shares of Globus Medical in the 4th quarter valued at approximately $117,102,000. RTW Investments LP bought a new position in shares of Globus Medical during the 4th quarter worth approximately $80,394,000. Iron Triangle Partners LP bought a new position in shares of Globus Medical during the 4th quarter worth approximately $69,808,000. Polar Capital Holdings Plc bought a new position in shares of Globus Medical during the 4th quarter worth approximately $63,762,000. Finally, Raymond James Financial Inc. bought a new position in shares of Globus Medical during the 4th quarter worth approximately $58,405,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.