Globus Medical (NYSE:GMED) PT Raised to $93.00

Globus Medical (NYSE:GMED) had its target price raised by analysts at Barclays from $85.00 to $93.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the medical device company’s stock. Barclays‘s price target suggests a potential upside of 27.05% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $60.00 to $78.00 in a research report on Wednesday. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and raised their price target for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Stifel Nicolaus raised their target price on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Finally, BTIG Research raised their target price on shares of Globus Medical from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

Globus Medical Stock Performance

Globus Medical stock traded down $0.72 during mid-day trading on Thursday, reaching $73.20. 1,164,814 shares of the company were exchanged, compared to its average volume of 1,084,507. The business has a fifty day moving average of $69.16 and a 200 day moving average of $60.02. The firm has a market cap of $9.91 billion, a P/E ratio of 114.41, a PEG ratio of 1.95 and a beta of 1.15. Globus Medical has a 12-month low of $43.38 and a 12-month high of $74.21.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The company had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. During the same quarter in the prior year, the business earned $0.63 earnings per share. Globus Medical’s revenue was up 115.9% on a year-over-year basis. Sell-side analysts predict that Globus Medical will post 2.82 EPS for the current year.

Insider Activity

In other news, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value 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 $1,149,330. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its position in shares of Globus Medical by 15.9% in the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after purchasing an additional 160 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Globus Medical by 0.4% during the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after buying an additional 183 shares during the period. Radnor Capital Management LLC raised its stake in Globus Medical by 0.7% during the first quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock worth $1,561,000 after purchasing an additional 215 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in Globus Medical by 3.6% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock worth $378,000 after purchasing an additional 244 shares during the period. Finally, Covestor Ltd raised its stake in Globus Medical by 12.7% during the first quarter. Covestor Ltd now owns 2,243 shares of the medical device company’s stock worth $120,000 after purchasing an additional 252 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.