Globus Medical (NYSE:GMED) Price Target Raised to $80.00 at Royal Bank of Canada

Globus Medical (NYSE:GMED) had its target price lifted by Royal Bank of Canada from $78.00 to $80.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the medical device company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 14.25% from the company’s previous close.

GMED has been the topic of a number of other reports. Truist Financial boosted their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. BTIG Research raised their price objective on shares of Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $60.00 to $78.00 in a research note on Wednesday, August 7th. Finally, Barclays upped their price target on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $77.40.

Globus Medical Price Performance

Shares of Globus Medical stock traded up $0.12 on Tuesday, hitting $70.02. 158,679 shares of the company’s stock traded hands, compared to its average volume of 1,007,220. The company has a fifty day moving average of $70.48 and a two-hundred day moving average of $64.94. Globus Medical has a one year low of $43.38 and a one year high of $74.21. The company has a market capitalization of $9.48 billion, a price-to-earnings ratio of 109.42, a price-to-earnings-growth ratio of 1.97 and a beta of 1.17.

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

Insiders Place Their Bets

In related news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction that occurred on 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 owns 16,419 shares of the company’s stock, valued at $1,149,330. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globus Medical

Several institutional investors and hedge funds have recently bought and sold shares of GMED. Ashton Thomas Private Wealth LLC bought a new stake in Globus Medical in the 2nd quarter valued at $33,000. GAMMA Investing LLC increased its position in 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 acquiring an additional 453 shares in the last quarter. International Assets Investment Management LLC bought a new position in Globus Medical in the 2nd quarter worth approximately $52,000. Mather Group LLC. acquired a new position in shares of Globus Medical during the first quarter valued at $69,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of 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 purchasing an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Company Profile

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.