StockNews.com Downgrades Globus Medical (NYSE:GMED) to Hold

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

Other research analysts have also recently issued research reports about the stock. Piper Sandler upped their price target on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Canaccord Genuity Group upped their price target on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Wells Fargo & Company reduced their price target on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Finally, BTIG Research upped their price target on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, December 12th. 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.com, Globus Medical presently has an average rating of “Moderate Buy” and an average price target of $97.82.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $76.39 on Wednesday. Globus Medical has a one year low of $49.33 and a one year high of $94.93. The company has a 50 day moving average of $86.02 and a 200-day moving average of $79.58. The stock has a market cap of $10.51 billion, a price-to-earnings ratio of 101.85, a P/E/G ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data 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%. Equities research analysts anticipate that Globus Medical will post 3.44 earnings per share for the current year.

Insider Transactions at Globus Medical

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction on 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 document filed with the SEC, which is available through the SEC website. 18.54% of the stock is currently owned by insiders.

Institutional Trading of Globus Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oak Thistle LLC bought a new stake in Globus Medical during the fourth quarter worth $376,000. bLong Financial LLC acquired a new position in shares of Globus Medical in the fourth quarter valued at $397,000. Kathmere Capital Management LLC acquired a new position in shares of Globus Medical in the fourth quarter valued at $23,091,000. Quest Partners LLC acquired a new position in shares of Globus Medical in the third quarter valued at $523,000. Finally, Intech Investment Management LLC increased its holdings in shares of Globus Medical by 291.3% in the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after purchasing an additional 15,283 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

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.