Barclays Increases Globus Medical (NYSE:GMED) Price Target to $103.00

Globus Medical (NYSE:GMED) had its target price boosted by Barclays from $100.00 to $103.00 in a report published on Monday,Benzinga reports. They currently have an overweight rating on the medical device company’s stock.

GMED has been the subject of a number of other reports. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. Royal Bank of Canada increased their target price on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Wells Fargo & Company dropped their target price on Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a report on Friday. StockNews.com raised Globus Medical from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, Piper Sandler raised their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and a consensus price target of $97.82.

Globus Medical Trading Down 0.4 %

NYSE:GMED opened at $80.00 on Monday. The firm has a market capitalization of $10.89 billion, a price-to-earnings ratio of 106.67, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical has a 1-year low of $49.33 and a 1-year high of $94.93. The business’s fifty day moving average price is $86.68 and its 200 day moving average price is $79.20.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The firm had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. Equities analysts forecast that Globus Medical will post 3.44 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In other news, SVP Kelly Huller sold 2,500 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GMED. Burgundy Asset Management Ltd. lifted its holdings in Globus Medical by 1.7% during the fourth quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock worth $216,544,000 after acquiring an additional 43,330 shares in the last quarter. PharVision Advisers LLC bought a new position in Globus Medical during the fourth quarter worth about $339,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Globus Medical by 9.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 319,500 shares of the medical device company’s stock worth $26,426,000 after acquiring an additional 28,330 shares in the last quarter. iSAM Funds UK Ltd bought a new position in Globus Medical during the fourth quarter worth about $256,000. Finally, Vestal Point Capital LP bought a new position in Globus Medical during the fourth quarter worth about $26,881,000. 95.16% of the stock is currently owned by institutional investors.

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.