Globus Medical (NYSE:GMED) Price Target Raised to $85.00 at Canaccord Genuity Group

Globus Medical (NYSE:GMED) had its price target lifted by Canaccord Genuity Group from $79.00 to $85.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the medical device company’s stock.

A number of other equities research analysts have also recently commented on GMED. Barclays raised their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Stifel Nicolaus boosted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday. Wells Fargo & Company raised their price target on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, BTIG Research increased their target price on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Price Performance

NYSE:GMED traded down $0.31 during trading hours on Wednesday, hitting $82.40. 393,329 shares of the company were exchanged, compared to its average volume of 995,334. Globus Medical has a 52-week low of $43.38 and a 52-week high of $84.87. The stock has a market capitalization of $11.16 billion, a price-to-earnings ratio of 275.67, a PEG ratio of 2.06 and a beta of 1.17. The company’s 50 day moving average price is $71.92 and its 200-day moving average price is $68.16.

Globus Medical (NYSE:GMED) last released 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. The firm had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The firm’s revenue was up 63.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.57 EPS. On average, equities analysts predict that Globus Medical will post 2.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on 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 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 filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Burgundy Asset Management Ltd. boosted its holdings in Globus Medical by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after purchasing an additional 35,054 shares during the period. Champlain Investment Partners LLC increased its stake in shares of Globus Medical by 25.2% during the first quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock worth $134,335,000 after buying an additional 503,745 shares during the period. Magnetar Financial LLC raised its holdings in Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after acquiring an additional 29,200 shares in the last quarter. Geneva Capital Management LLC grew its holdings in Globus Medical by 1.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after acquiring an additional 18,117 shares in the last quarter. Finally, AXA S.A. increased 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 valued at $101,245,000 after purchasing an additional 7,443 shares during the last quarter. Hedge funds and other 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.