Globus Medical’s (GMED) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Globus Medical (NYSE:GMED) in a research note published on Thursday,Benzinga reports.

Several other brokerages have also issued reports on GMED. StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Piper Sandler increased their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Wells Fargo & Company increased their price target on shares of Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Finally, Royal Bank of Canada increased their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Trading Up 0.6 %

Shares of NYSE GMED opened at $87.09 on Thursday. Globus Medical has a 12 month low of $49.33 and a 12 month high of $90.48. The firm has a market capitalization of $11.86 billion, a PE ratio of 129.99, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. The firm has a fifty day simple moving average of $83.06 and a two-hundred day simple moving average of $75.22.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 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 business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same period in the prior year, the business earned $0.57 EPS. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. On average, sell-side analysts predict that Globus Medical will post 2.97 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of Globus Medical 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 $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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. Over the last quarter, insiders have sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

Large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in shares of Globus Medical during the third quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Globus Medical during the second quarter valued at approximately $33,000. Quarry LP raised its position in shares of Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after buying an additional 433 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after buying an additional 385 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Globus Medical by 40.7% during the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after buying an additional 257 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.