Brokerages Set Globus Medical, Inc. (NYSE:GMED) Target Price at $77.20

Globus Medical, Inc. (NYSE:GMED) has earned a consensus rating of “Moderate Buy” from the eleven ratings firms that are covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $77.20.

Several equities analysts recently weighed in on GMED shares. BTIG Research raised their price objective on shares of Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Royal Bank of Canada lifted their price target on shares of Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Barclays lifted their price target on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $80.00 in a research report on Monday, May 20th. Finally, Wells Fargo & Company raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th.

Globus Medical Stock Performance

GMED stock opened at $69.26 on Monday. The stock has a market cap of $9.38 billion, a P/E ratio of 108.22, a P/E/G ratio of 1.93 and a beta of 1.17. The firm has a 50 day simple moving average of $70.79 and a 200 day simple moving average of $62.80. Globus Medical has a 52 week low of $43.38 and a 52 week high of $74.21.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.68 by $0.07. The business had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm’s quarterly revenue was up 115.9% compared to the same quarter last year. During the same period last year, the company posted $0.63 earnings per share. Sell-side analysts predict that Globus Medical will post 2.84 EPS for the current year.

Insider Activity

In other news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the sale, the director now owns 16,419 shares in the company, valued at approximately $1,149,330. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC bought a new position in shares of Globus Medical in the second quarter valued at about $33,000. GAMMA Investing LLC raised its holdings in shares of Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Globus Medical during the 2nd quarter worth about $52,000. YHB Investment Advisors Inc. bought a new stake in Globus Medical during the 1st quarter worth about $50,000. Finally, Nisa Investment Advisors LLC raised its holdings in Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after purchasing an additional 160 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

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.