Globus Medical, Inc. (NYSE:GMED) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC lessened its position in Globus Medical, Inc. (NYSE:GMED) by 14.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,067 shares of the medical device company’s stock after selling 6,499 shares during the period. HighTower Advisors LLC’s holdings in Globus Medical were worth $2,788,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. ArrowMark Colorado Holdings LLC acquired a new stake in shares of Globus Medical in the 3rd quarter worth about $43,947,000. Atom Investors LP increased its holdings in shares of Globus Medical by 126.0% in the 3rd quarter. Atom Investors LP now owns 43,557 shares of the medical device company’s stock worth $3,116,000 after acquiring an additional 24,288 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Globus Medical in the 3rd quarter worth about $404,000. Edgestream Partners L.P. acquired a new stake in shares of Globus Medical in the 3rd quarter worth about $1,541,000. Finally, Verition Fund Management LLC increased its holdings in shares of Globus Medical by 7.1% in the 3rd quarter. Verition Fund Management LLC now owns 9,980 shares of the medical device company’s stock worth $714,000 after acquiring an additional 665 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insider Transactions at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred on 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 owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock valued at $7,674,950 over the last three months. 18.54% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $83.00 to $100.00 in a research report on Monday, December 2nd. Wells Fargo & Company increased their target price on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday. Roth Mkm reiterated a “buy” rating and issued a $100.00 target price on shares of Globus Medical in a research report on Wednesday, November 6th. BTIG Research raised their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Canaccord Genuity Group raised their price objective on shares of Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $92.18.

Globus Medical Price Performance

Shares of GMED opened at $82.71 on Friday. Globus Medical, Inc. has a one year low of $47.19 and a one year high of $87.22. The company has a 50-day moving average of $78.32 and a two-hundred day moving average of $72.59. The stock has a market cap of $11.26 billion, a price-to-earnings ratio of 124.48, a PEG ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm’s revenue was up 63.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 earnings per share. Analysts anticipate that Globus Medical, Inc. will post 2.97 earnings per share for the current year.

Globus Medical 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.