Ashton Thomas Private Wealth LLC Acquires New Shares in Globus Medical, Inc. (NYSE:GMED)

Ashton Thomas Private Wealth LLC acquired a new stake in Globus Medical, Inc. (NYSE:GMED) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 475 shares of the medical device company’s stock, valued at approximately $33,000.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares in the last quarter. YHB Investment Advisors Inc. acquired a new stake in Globus Medical in the 1st quarter valued at approximately $50,000. International Assets Investment Management LLC acquired a new stake in Globus Medical in the 2nd quarter valued at approximately $52,000. Mather Group LLC. acquired a new stake in Globus Medical in the 1st quarter valued at approximately $69,000. Finally, Nisa Investment Advisors LLC raised its position in Globus Medical by 15.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after buying an additional 160 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Insider Activity at Globus Medical

In related news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the transaction, the director now directly owns 16,419 shares in the company, valued at $1,149,330. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.54% of the stock is currently owned by corporate insiders.

Globus Medical Stock Performance

GMED stock opened at $70.00 on Tuesday. The company’s 50-day simple moving average is $70.87 and its 200 day simple moving average is $63.17. Globus Medical, Inc. has a 52 week low of $43.38 and a 52 week high of $74.21. The company has a market capitalization of $9.48 billion, a PE ratio of 109.38, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $629.69 million for the quarter, compared to the consensus estimate of $615.33 million. During the same period in the prior year, the company posted $0.63 earnings per share. Globus Medical’s revenue was up 115.9% compared to the same quarter last year. On average, analysts forecast that Globus Medical, Inc. will post 2.84 EPS for the current year.

Wall Street Analyst Weigh In

GMED has been the subject of several recent analyst reports. Royal Bank of Canada increased their price objective on Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Barclays boosted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Morgan Stanley boosted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. BTIG Research boosted their target price on shares of Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Finally, Truist Financial boosted their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $77.20.

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.