Needham & Company LLC Reaffirms “Hold” Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating restated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports.

GMED has been the topic of several other research reports. Roth Mkm upped their price objective on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Stifel Nicolaus upped their price target on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Truist Financial lifted their price objective on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Bank of America increased their target price on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada boosted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Trading Up 0.6 %

Shares of Globus Medical stock opened at $87.09 on Thursday. The business’s fifty day simple moving average is $83.06 and its 200 day simple moving average is $75.16. Globus Medical has a 12 month low of $49.33 and a 12 month high of $90.48. The firm has a market capitalization of $11.86 billion, a P/E ratio of 129.99, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping 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 company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same period in the previous year, the firm earned $0.57 EPS. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. Analysts predict that Globus Medical will post 2.97 EPS for the current fiscal year.

Insiders Place Their Bets

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction that occurred on Monday, December 2nd. The stock was 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. Insiders sold a total of 97,500 shares of company stock valued at $7,674,950 in the last quarter. Corporate insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Institutional investors and hedge funds have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new stake in Globus Medical in the third quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Globus Medical in the second quarter worth $33,000. Quarry LP raised its holdings in Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after buying an additional 433 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after buying an additional 385 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Globus Medical by 40.7% in the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after acquiring an additional 257 shares during the last quarter. 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.