Brokerages Set Globus Medical, Inc. (NYSE:GMED) Target Price at $69.40

Shares of Globus Medical, Inc. (NYSE:GMED) have received a consensus recommendation of “Moderate Buy” from the eleven analysts that are covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $69.40.

A number of research firms recently issued reports on GMED. Stifel Nicolaus increased their price objective on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Barclays lifted their price objective on shares of Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Piper Sandler upgraded shares of Globus Medical from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $60.00 to $80.00 in a report on Monday, May 20th. BTIG Research boosted their price target on shares of Globus Medical from $63.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th.

Globus Medical Stock Performance

Shares of GMED opened at $68.49 on Wednesday. The stock has a 50 day simple moving average of $62.32 and a 200 day simple moving average of $56.51. Globus Medical has a 52-week low of $43.38 and a 52-week high of $69.12. The firm has a market capitalization of $9.27 billion, a PE ratio of 107.02, a P/E/G ratio of 1.91 and a beta of 1.15.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.17. The company had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The firm’s revenue was up 119.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.53 earnings per share. Equities research analysts predict that Globus Medical will post 2.82 EPS for the current fiscal year.

Insider Buying and Selling at Globus Medical

In related news, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Globus Medical news, Director David D. Davidar sold 20,000 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total value of $1,300,000.00. Following the transaction, the director now directly owns 566,275 shares of the company’s stock, valued at approximately $36,807,875. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Dan Lemaitre sold 63,300 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of large investors have recently made changes to their positions in the company. Aurora Investment Counsel grew its stake in shares of Globus Medical by 2.4% in the first quarter. Aurora Investment Counsel now owns 34,490 shares of the medical device company’s stock valued at $1,850,000 after acquiring an additional 810 shares in the last quarter. Cetera Advisors LLC acquired a new position in shares of Globus Medical during the 1st quarter worth approximately $204,000. Swedbank AB bought a new position in shares of Globus Medical during the first quarter worth approximately $17,433,000. Comerica Bank increased its holdings in shares of Globus Medical by 0.5% during the first quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock worth $2,940,000 after purchasing an additional 293 shares during the period. Finally, Motley Fool Asset Management LLC boosted its stake in shares of Globus Medical by 243.8% in the first quarter. Motley Fool Asset Management LLC now owns 213,817 shares of the medical device company’s stock valued at $11,469,000 after buying an additional 151,623 shares during the period. Institutional investors own 95.16% of the company’s stock.

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.