Globus Medical, Inc. (NYSE:GMED) Shares Acquired by Fmr LLC

Fmr LLC lifted its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 338.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 38,723 shares of the medical device company’s stock after purchasing an additional 29,890 shares during the quarter. Fmr LLC’s holdings in Globus Medical were worth $2,770,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in GMED. V Square Quantitative Management LLC acquired a new position in shares of Globus Medical during the 3rd quarter worth approximately $27,000. Ashton Thomas Private Wealth LLC acquired a new position in Globus Medical in the second quarter valued at approximately $33,000. Farther Finance Advisors LLC lifted its holdings in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Globus Medical in the second quarter valued at approximately $52,000. Finally, GAMMA Investing LLC lifted its holdings in Globus Medical by 40.7% in the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after acquiring an additional 257 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GMED. 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. Piper Sandler upped their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday, November 6th. Finally, Bank of America upped their price objective on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and an average target price of $92.18.

Globus Medical Trading Down 0.4 %

Globus Medical stock opened at $82.42 on Friday. Globus Medical, Inc. has a twelve month low of $49.14 and a twelve month high of $87.22. The stock’s fifty day simple moving average is $78.81 and its 200-day simple moving average is $72.83. The firm has a market capitalization of $11.22 billion, a P/E ratio of 123.01, a P/E/G ratio of 1.99 and a beta of 1.19.

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

Insider Transactions at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 5.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is currently owned by company insiders.

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.