Natixis Advisors LLC Lowers Stake in Globus Medical, Inc. (NYSE:GMED)

Natixis Advisors LLC reduced its position in shares of Globus Medical, Inc. (NYSE:GMED) by 0.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 257,743 shares of the medical device company’s stock after selling 1,769 shares during the quarter. Natixis Advisors LLC owned 0.19% of Globus Medical worth $18,439,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in Globus Medical in the 3rd quarter valued at about $27,000. Ashton Thomas Private Wealth LLC purchased a new position in Globus Medical in the 2nd quarter valued at about $33,000. Farther Finance Advisors LLC lifted its stake in Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after buying an additional 385 shares in the last quarter. GAMMA Investing LLC lifted its stake in Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Globus Medical in the 2nd quarter valued at about $52,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on GMED shares. Piper Sandler raised their price target on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. BTIG Research raised their target price on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Wells Fargo & Company raised their target price on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and a consensus target price of $88.18.

Insiders Place Their Bets

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock worth $8,512,850 over the last 90 days. Corporate insiders own 18.54% of the company’s stock.

Globus Medical Stock Performance

Globus Medical stock opened at $83.33 on Wednesday. Globus Medical, Inc. has a fifty-two week low of $44.02 and a fifty-two week high of $84.87. The firm has a 50 day moving average price of $73.88 and a 200 day moving average price of $70.26. The company has a market capitalization of $11.35 billion, a PE ratio of 124.37, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same quarter last year, the firm earned $0.57 EPS. The firm’s revenue for the quarter was up 63.1% on a year-over-year basis. As a group, equities research analysts forecast that Globus Medical, Inc. will post 2.98 earnings per share for the current 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.