Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Globus Medical (NYSE:GMED) had its target price raised by Canaccord Genuity Group from $92.00 to $101.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 15.97% from the company’s current price.

GMED has been the topic of a number of other reports. StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $80.00 to $97.00 in a research report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Thursday. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Finally, Roth Mkm raised 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. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Globus Medical has an average rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Stock Up 0.6 %

Shares of Globus Medical stock opened at $87.09 on Friday. The firm has a market cap of $11.86 billion, a price-to-earnings ratio of 129.99, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. Globus Medical has a 52-week low of $49.33 and a 52-week high of $90.48. The company’s 50-day simple moving average is $83.06 and its 200-day simple moving average is $75.22.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same period in the prior year, the business posted $0.57 EPS. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. Equities research analysts anticipate that Globus Medical will post 2.97 EPS for the current year.

Insiders Place Their Bets

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was 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. Insiders have sold 97,500 shares of company stock valued at $7,674,950 in the last ninety days. Insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in shares of Globus Medical in the 3rd quarter worth about $27,000. Ashton Thomas Private Wealth LLC purchased a new position in Globus Medical in the second quarter valued at approximately $33,000. Quarry LP lifted its position in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after buying an additional 433 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after buying an additional 385 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Globus Medical by 40.7% in the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after acquiring an additional 257 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other 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.