Globus Medical (NYSE:GMED) Price Target Raised to $101.00

Globus Medical (NYSE:GMED) had its target price increased by Canaccord Genuity Group from $92.00 to $101.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the medical device company’s stock.

Several other research analysts also recently commented on GMED. Roth Mkm lifted their target price on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $80.00 to $97.00 in a research note on Thursday. Royal Bank of Canada increased their target price on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. BTIG Research lifted their price target on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, Truist Financial increased their price objective on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Price Performance

Shares of NYSE GMED opened at $87.09 on Friday. Globus Medical has a one year low of $49.33 and a one year high of $90.48. The business’s 50-day moving average price is $83.06 and its two-hundred day moving average price is $75.27. The company has a market capitalization of $11.86 billion, a P/E ratio of 129.99, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19.

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

Insiders Place Their Bets

In other news, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the transaction, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 5.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,500 shares of company stock worth $7,674,950 over the last quarter. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of GMED. Ashton Thomas Private Wealth LLC bought a new position in shares of Globus Medical in the second quarter valued at approximately $33,000. Choreo LLC acquired a new stake in shares of Globus Medical in the second quarter valued at approximately $517,000. American Century Companies Inc. increased its holdings in shares of Globus Medical by 5.7% in the second quarter. American Century Companies Inc. now owns 26,625 shares of the medical device company’s stock valued at $1,824,000 after purchasing an additional 1,442 shares in the last quarter. Schiavi & Co LLC acquired a new stake in shares of Globus Medical in the second quarter valued at approximately $205,000. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of Globus Medical by 13.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 25,110 shares of the medical device company’s stock valued at $1,720,000 after purchasing an additional 3,059 shares in the last quarter. 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.