Needham & Company LLC Reiterates Hold Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating restated by equities researchers at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports.

Several other equities analysts also recently issued reports on GMED. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. BTIG Research increased their price target on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Truist Financial increased their price target on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Barclays increased their price target on shares of Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, Stifel Nicolaus increased their price target on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and an average target price of $97.09.

Globus Medical Price Performance

Shares of NYSE GMED opened at $73.35 on Tuesday. Globus Medical has a 12-month low of $49.33 and a 12-month high of $94.93. The company has a market capitalization of $10.09 billion, a PE ratio of 97.80, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19. The firm’s 50-day moving average is $84.13 and its two-hundred day moving average is $79.75.

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

Insider Activity at Globus Medical

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. acquired a new position in Globus Medical during the 4th quarter worth $27,000. Quarry LP grew its holdings in Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after acquiring an additional 433 shares in the last quarter. UMB Bank n.a. grew its holdings in Globus Medical by 60.2% during the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after acquiring an additional 206 shares in the last quarter. V Square Quantitative Management LLC grew its holdings in Globus Medical by 52.0% during the 4th quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after acquiring an additional 197 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in Globus Medical by 24.7% during the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock worth $55,000 after acquiring an additional 132 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.