Wells Fargo & Company Cuts Globus Medical (NYSE:GMED) Price Target to $93.00

Globus Medical (NYSE:GMED) had its target price decreased by Wells Fargo & Company from $95.00 to $93.00 in a report published on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the medical device company’s stock.

Other research analysts have also recently issued research reports about the stock. BTIG Research lifted their target price on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Friday. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. Canaccord Genuity Group boosted their price objective 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, Roth Mkm boosted their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Trading Down 4.4 %

NYSE:GMED opened at $80.43 on Friday. Globus Medical has a 1 year low of $49.33 and a 1 year high of $94.93. The firm has a 50 day moving average of $86.72 and a 200-day moving average of $79.16. The stock has a market capitalization of $10.95 billion, a P/E ratio of 107.24, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19.

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. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. As a group, analysts forecast that Globus Medical will post 3.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction 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. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several institutional investors and hedge funds have recently made changes to their positions in the company. Burgundy Asset Management Ltd. grew its holdings in shares of Globus Medical by 1.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock valued at $216,544,000 after buying an additional 43,330 shares during the period. PharVision Advisers LLC acquired a new position in shares of Globus Medical in the 4th quarter valued at $339,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Globus Medical by 9.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 319,500 shares of the medical device company’s stock valued at $26,426,000 after buying an additional 28,330 shares during the period. iSAM Funds UK Ltd acquired a new position in Globus Medical in the 4th quarter worth $256,000. Finally, Vestal Point Capital LP acquired a new position in Globus Medical in the 4th quarter worth $26,881,000. Institutional investors and hedge funds 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.