Janney Montgomery Scott LLC Sells 3,550 Shares of Globus Medical, Inc. (NYSE:GMED)

Janney Montgomery Scott LLC trimmed its stake in Globus Medical, Inc. (NYSE:GMED) by 15.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,956 shares of the medical device company’s stock after selling 3,550 shares during the period. Janney Montgomery Scott LLC’s holdings in Globus Medical were worth $1,356,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in Globus Medical in the third quarter worth about $27,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Globus Medical in the 2nd quarter worth approximately $33,000. Farther Finance Advisors LLC lifted its stake in shares of Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the period. GAMMA Investing LLC boosted its position in shares of Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in Globus Medical in the second quarter worth $52,000. Institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a report on Monday. Bank of America raised their target price on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group boosted their price target on Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Truist Financial raised their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus boosted their target price on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and a consensus price target of $88.18.

Insiders Place Their Bets

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Kelly Huller sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,000 shares of company stock valued at $8,512,850. Company insiders own 18.54% of the company’s stock.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $81.10 on Friday. Globus Medical, Inc. has a 1 year low of $44.02 and a 1 year high of $84.87. The stock’s fifty day moving average price is $72.94 and its 200-day moving average price is $69.25. The company has a market cap of $10.98 billion, a P/E ratio of 121.04, a PEG ratio of 1.99 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same quarter last year, the firm posted $0.57 EPS. The business’s quarterly revenue was up 63.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Globus Medical 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.