Globus Medical (NYSE:GMED) Given New $78.00 Price Target at BTIG Research

Globus Medical (NYSE:GMED) had its price target lifted by BTIG Research from $77.00 to $78.00 in a research report released on Monday, Benzinga reports. The brokerage currently has a buy rating on the medical device company’s stock.

A number of other analysts also recently issued reports on GMED. Needham & Company LLC reiterated a hold rating on shares of Globus Medical in a report on Wednesday, August 7th. Morgan Stanley boosted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock an equal weight rating in a research report on Monday, July 15th. Truist Financial raised their price objective on Globus Medical from $78.00 to $79.00 and gave the company a hold rating in a report on Wednesday, August 7th. Wells Fargo & Company upgraded Globus Medical from an equal weight rating to an overweight rating and upped their target price for the stock from $60.00 to $78.00 in a report on Wednesday, August 7th. Finally, Barclays raised their price target on Globus Medical from $85.00 to $93.00 and gave the company an overweight rating in a research note on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Globus Medical presently has a consensus rating of Moderate Buy and a consensus price target of $77.50.

Globus Medical Trading Up 0.8 %

Shares of NYSE GMED opened at $71.15 on Monday. The company has a fifty day moving average price of $70.52 and a 200 day moving average price of $65.58. The firm has a market cap of $9.63 billion, a PE ratio of 111.17, a PEG ratio of 1.94 and a beta of 1.17. Globus Medical has a 1-year low of $43.38 and a 1-year high of $74.21.

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

Insider Activity

In related news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

Several hedge funds and other institutional investors have recently modified their holdings of GMED. Select Equity Group L.P. acquired a new stake in Globus Medical during the second quarter worth approximately $91,711,000. Millennium Management LLC lifted its holdings in Globus Medical by 1,171.5% during the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock worth $93,409,000 after purchasing an additional 1,256,570 shares during the last quarter. Magnetar Financial LLC boosted its stake in Globus Medical by 198.6% in the 1st quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock valued at $90,613,000 after purchasing an additional 1,123,540 shares during the period. Motley Fool Asset Management LLC grew its holdings in Globus Medical by 1,263.7% in the 1st quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock valued at $45,496,000 after buying an additional 785,970 shares in the last quarter. Finally, Burgundy Asset Management Ltd. increased its position in Globus Medical by 46.1% during the 1st quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock worth $133,018,000 after buying an additional 782,285 shares during the period. 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.