Globus Medical, Inc. (NYSE:GMED) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC trimmed its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 3.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 242,975 shares of the medical device company’s stock after selling 9,000 shares during the period. Gabelli Funds LLC owned 0.18% of Globus Medical worth $16,641,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in GMED. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Globus Medical in the second quarter worth about $33,000. GAMMA Investing LLC boosted its holdings in Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after acquiring an additional 453 shares during the period. International Assets Investment Management LLC purchased a new position in Globus Medical in the 2nd quarter worth approximately $52,000. YHB Investment Advisors Inc. purchased a new stake in shares of Globus Medical during the first quarter valued at approximately $50,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of Globus Medical by 15.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after purchasing an additional 160 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the director now directly owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on GMED shares. Royal Bank of Canada raised their price target on shares of Globus Medical from $76.00 to $78.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Morgan Stanley lifted their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. BTIG Research boosted their price target on Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Finally, Barclays lifted their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $77.20.

Globus Medical Trading Up 0.1 %

NYSE:GMED opened at $70.64 on Monday. The firm has a market capitalization of $9.56 billion, a PE ratio of 110.38, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17. The stock has a 50 day moving average of $70.88 and a 200-day moving average of $63.61. Globus Medical, Inc. has a 52 week low of $43.38 and a 52 week high of $74.21.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The firm’s revenue was up 115.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.63 EPS. As a group, analysts predict that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Globus Medical 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.