Globus Medical, Inc. (NYSE:GMED) Given Average Recommendation of “Moderate Buy” by Analysts

Globus Medical, Inc. (NYSE:GMED) has been given an average rating of “Moderate Buy” by the twelve brokerages that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $94.55.

Several analysts have weighed in on the company. StockNews.com downgraded Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Truist Financial upped their target price on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Canaccord Genuity Group upped their target price on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a report on Monday, December 9th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Wednesday, November 6th. Finally, Wells Fargo & Company upped their target price on Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th.

Insiders Place Their Bets

In other news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 97,500 shares of company stock worth $7,674,950. 18.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors have recently modified their holdings of GMED. Select Equity Group L.P. purchased a new stake in shares of Globus Medical in the second quarter worth $91,711,000. Millennium Management LLC grew its stake in shares of Globus Medical by 1,171.5% in the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock worth $93,409,000 after acquiring an additional 1,256,570 shares during the last quarter. ArrowMark Colorado Holdings LLC purchased a new stake in shares of Globus Medical in the third quarter worth $43,947,000. Lord Abbett & CO. LLC purchased a new stake in shares of Globus Medical during the third quarter valued at $37,948,000. Finally, Parsifal Capital Management LP boosted its position in shares of Globus Medical by 50.5% during the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock valued at $96,619,000 after buying an additional 453,053 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Stock Performance

Shares of GMED stock opened at $82.63 on Wednesday. Globus Medical has a fifty-two week low of $49.33 and a fifty-two week high of $87.22. The stock has a 50 day moving average price of $80.02 and a two-hundred day moving average price of $73.44. The company has a market capitalization of $11.25 billion, a P/E ratio of 123.33, a PEG ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data 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 return on equity of 9.98% and a net margin of 3.69%. The firm had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same quarter in the previous year, the company posted $0.57 earnings per share. The business’s revenue was up 63.1% on a year-over-year basis. As a group, equities analysts predict that Globus Medical will post 2.97 earnings per share for the current year.

About Globus Medical

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.