Needham & Company LLC reissued their hold rating on shares of Globus Medical (NYSE:GMED – Free Report) in a report published on Tuesday morning,Benzinga reports.
GMED has been the topic of a number of other reports. Barclays upped their price objective on Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 24th. StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a report on Thursday, March 13th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Canaccord Genuity Group upped their price objective on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, BTIG Research upped 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. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.09.
Read Our Latest Stock Analysis on GMED
Globus Medical Price Performance
Globus Medical (NYSE:GMED – Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The business had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. On average, equities research analysts expect that Globus Medical will post 3.44 EPS for the current year.
Insider Activity
In other news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 18.54% of the company’s stock.
Institutional Trading of Globus Medical
Several hedge funds have recently modified their holdings of GMED. Norges Bank acquired a new stake in shares of Globus Medical in the fourth quarter valued at $117,102,000. RTW Investments LP purchased a new position in Globus Medical in the fourth quarter valued at $80,394,000. Iron Triangle Partners LP purchased a new position in Globus Medical in the fourth quarter valued at $69,808,000. Polar Capital Holdings Plc purchased a new position in Globus Medical in the fourth quarter valued at $63,762,000. Finally, Raymond James Financial Inc. purchased a new position in Globus Medical in the fourth quarter valued at $58,405,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.
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.
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