David D. Davidar Sells 30,000 Shares of Globus Medical, Inc. (NYSE:GMED) Stock

Globus Medical, Inc. (NYSE:GMED) Director David D. Davidar sold 30,000 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Globus Medical Price Performance

Shares of Globus Medical stock opened at $72.85 on Friday. The firm has a fifty day moving average price of $70.70 and a 200 day moving average price of $66.08. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $75.98. The stock has a market cap of $9.86 billion, a PE ratio of 113.83, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. During the same quarter in the previous year, the company earned $0.63 earnings per share. The firm’s revenue for the quarter was up 115.9% on a year-over-year basis. As a group, equities analysts expect that Globus Medical, Inc. will post 2.84 EPS for the current year.

Hedge Funds Weigh In On Globus Medical

Institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in shares of Globus Medical by 9.5% in the 4th quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock valued at $155,205,000 after acquiring an additional 252,510 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Globus Medical by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock valued at $600,990,000 after buying an additional 32,220 shares in the last quarter. HighPoint Advisor Group LLC acquired a new position in shares of Globus Medical in the 4th quarter valued at $201,000. Moody National Bank Trust Division acquired a new position in shares of Globus Medical in the 1st quarter valued at $233,000. Finally, First Hawaiian Bank acquired a new position in shares of Globus Medical in the 1st quarter valued at $231,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on the stock. Barclays increased their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Morgan Stanley upped their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. BTIG Research upped their target price on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, Truist Financial upped their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.50.

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.