Globus Medical (NYSE:GMED) Price Target Raised to $80.00 at Bank of America

Globus Medical (NYSE:GMED) had its price objective raised by Bank of America from $55.00 to $80.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an underperform rating on the medical device company’s stock.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $60.00 to $78.00 in a research note on Wednesday, August 7th. Morgan Stanley boosted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. BTIG Research raised their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Finally, Truist Financial upped their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $87.09.

Globus Medical Stock Performance

Shares of GMED stock traded down $0.16 during trading hours on Wednesday, hitting $82.55. 216,822 shares of the company were exchanged, compared to its average volume of 994,517. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $84.87. The company has a 50 day simple moving average of $71.92 and a two-hundred day simple moving average of $68.16. The firm has a market cap of $11.18 billion, a P/E ratio of 275.67, a P/E/G ratio of 2.06 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its quarterly 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. The firm had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business’s revenue was up 63.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 earnings per share. As a group, sell-side analysts expect that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Activity

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the business’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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated 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 owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. The trade was 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 currently owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Several institutional investors have recently added to or reduced their stakes in the business. Burgundy Asset Management Ltd. lifted its stake in shares of Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after buying an additional 35,054 shares in the last quarter. Champlain Investment Partners LLC raised its holdings in Globus Medical by 25.2% during the 1st quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock valued at $134,335,000 after acquiring an additional 503,745 shares during the period. Magnetar Financial LLC lifted its position in shares of Globus Medical by 1.7% during the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after acquiring an additional 29,200 shares in the last quarter. Geneva Capital Management LLC lifted its position in shares of Globus Medical by 1.1% during the third 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. grew its position in shares of Globus Medical by 0.5% in the second 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 in the last quarter. 95.16% of the stock is owned by hedge funds and other 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.