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

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating restated by analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports.

Several other research firms also recently weighed in on GMED. BTIG Research lifted their target price on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Stifel Nicolaus boosted their price objective on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company boosted their price objective on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the 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 Down 4.4 %

Globus Medical stock opened at $80.43 on Friday. Globus Medical has a 12 month low of $49.33 and a 12 month high of $94.93. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of 107.24, a PEG ratio of 1.61 and a beta of 1.19. The stock has a fifty day simple moving average of $86.72 and a two-hundred day simple moving average of $79.03.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. On average, equities research analysts forecast that Globus Medical will post 3.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Kelly Huller sold 2,500 shares of the company’s 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GMED. SBI Securities Co. Ltd. purchased a new stake in Globus Medical during the fourth quarter worth $27,000. Quarry LP lifted its holdings in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after buying an additional 433 shares during the period. UMB Bank n.a. lifted its holdings in Globus Medical by 60.2% during the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after buying an additional 206 shares during the period. Farther Finance Advisors LLC lifted its holdings 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, V Square Quantitative Management LLC lifted its holdings in Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after buying an additional 197 shares during the period. 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.