Roth Mkm Issues Positive Forecast for Globus Medical (NYSE:GMED) Stock Price

Globus Medical (NYSE:GMED) had its price target upped by Roth Mkm from $100.00 to $115.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the medical device company’s stock.

GMED has been the subject of several other reports. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Piper Sandler lifted their price target on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group upped their price objective on shares of Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada upped their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $93.55.

Globus Medical Stock Up 2.1 %

NYSE:GMED opened at $83.42 on Tuesday. The business’s 50-day moving average price is $79.31 and its 200 day moving average price is $73.10. Globus Medical has a 52-week low of $49.14 and a 52-week high of $87.22. The firm has a market cap of $11.36 billion, a P/E ratio of 124.51, a PEG ratio of 1.99 and a beta of 1.19.

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

Insiders Place Their Bets

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Kelly Huller sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. Insiders sold a total of 97,500 shares of company stock worth $7,674,950 in the last quarter. 18.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of GMED. V Square Quantitative Management LLC acquired a new stake in shares of Globus Medical in the 3rd quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical in the second quarter worth about $33,000. Quarry LP lifted its position in shares of Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after buying an additional 433 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after acquiring an additional 385 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Globus Medical during the 2nd quarter valued at about $52,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.