Truist Financial Increases Globus Medical (NYSE:GMED) Price Target to $90.00

Globus Medical (NYSE:GMED) had its price target upped by Truist Financial from $85.00 to $90.00 in a research report report published on Wednesday,Benzinga reports. They currently have a hold rating on the medical device company’s stock.

GMED has been the subject of a number of other research reports. Canaccord Genuity Group upped their target price on shares of Globus Medical from $85.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, November 6th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Piper Sandler upped their price objective on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Finally, Royal Bank of Canada boosted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and a consensus price target of $94.55.

Globus Medical Stock Up 0.7 %

NYSE:GMED traded up $0.56 on Wednesday, reaching $82.34. 159,369 shares of the company’s stock traded hands, compared to its average volume of 991,462. The stock has a 50-day simple moving average of $79.54 and a 200-day simple moving average of $73.17. Globus Medical has a 12 month low of $49.33 and a 12 month high of $87.22. The firm has a market cap of $11.21 billion, a PE ratio of 122.90, a P/E/G ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same quarter last year, the company earned $0.57 EPS. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. On average, equities analysts anticipate that Globus Medical will post 2.97 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 97,500 shares of company stock valued at $7,674,950 over the last 90 days. Insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC purchased a new stake in shares of Globus Medical in the 2nd quarter worth approximately $611,000. Quest Partners LLC purchased a new stake in Globus Medical during the third quarter worth $523,000. Intech Investment Management LLC boosted its position in Globus Medical by 291.3% during the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after acquiring an additional 15,283 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Globus Medical in the 3rd quarter valued at $2,709,000. Finally, AXA S.A. raised its position in shares of Globus Medical by 0.5% in the 2nd quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after acquiring an additional 7,443 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

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.