Assenagon Asset Management S.A. Has $7.93 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

Assenagon Asset Management S.A. raised its holdings in Globus Medical, Inc. (NYSE:GMED) by 77.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 95,898 shares of the medical device company’s stock after purchasing an additional 41,875 shares during the quarter. Assenagon Asset Management S.A. owned 0.07% of Globus Medical worth $7,932,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of GMED. State Street Corp grew its stake in shares of Globus Medical by 2.3% during the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after buying an additional 81,371 shares during the last quarter. Geode Capital Management LLC increased its holdings in Globus Medical by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after purchasing an additional 21,935 shares in the last quarter. Magnetar Financial LLC raised its position in Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after purchasing an additional 29,200 shares during the last quarter. Geneva Capital Management LLC boosted its stake in shares of Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after purchasing an additional 18,117 shares in the last quarter. Finally, AXA S.A. grew its holdings in shares of Globus Medical by 0.5% during the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after purchasing an additional 7,443 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Piper Sandler raised their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. BTIG Research increased their price objective on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Truist Financial lifted their target price on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Finally, Stifel Nicolaus increased their price target on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $96.91.

Insider Transactions at Globus Medical

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s 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 disclosure for this sale can be found here. Insiders have sold 81,667 shares of company stock valued at $6,674,554 over the last ninety days. 18.54% of the stock is owned by company insiders.

Globus Medical Stock Performance

Shares of GMED opened at $90.84 on Monday. The firm has a market cap of $12.37 billion, a PE ratio of 135.57, a price-to-earnings-growth ratio of 1.80 and a beta of 1.19. Globus Medical, Inc. has a 52-week low of $49.33 and a 52-week high of $91.44. The business’s 50 day moving average price is $84.08 and its two-hundred day moving average price is $76.00.

Globus Medical (NYSE:GMED) last released its 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. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. Globus Medical’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 EPS. Research analysts predict that Globus Medical, Inc. will post 2.98 EPS for the current fiscal year.

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.