Globus Medical’s (GMED) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Globus Medical (NYSE:GMED) in a research note issued to investors on Wednesday, Benzinga reports.

GMED has been the subject of several other research reports. Truist Financial boosted their target price on shares of Globus Medical from $63.00 to $78.00 and gave the company a hold rating in a research note on Tuesday, July 16th. Wells Fargo & Company raised shares of Globus Medical from an equal weight rating to an overweight rating and upped their price objective for the company from $60.00 to $78.00 in a research note on Wednesday. Piper Sandler raised shares of Globus Medical from a neutral rating to an overweight rating and raised their target price for the stock from $60.00 to $80.00 in a research report on Monday, May 20th. Barclays increased their price target on shares of Globus Medical from $83.00 to $85.00 and gave the stock an overweight rating in a research note on Thursday, May 9th. Finally, BTIG Research boosted their price objective on shares of Globus Medical from $72.00 to $75.00 and gave the company a buy rating in a research note on Monday, July 15th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $77.00.

Globus Medical Trading Down 1.0 %

Shares of GMED stock traded down $0.72 during trading hours on Wednesday, hitting $73.20. The company’s stock had a trading volume of 1,164,814 shares, compared to its average volume of 1,084,507. The business has a fifty day moving average of $69.16 and a 200-day moving average of $60.06. Globus Medical has a twelve month low of $43.38 and a twelve month high of $74.21. The stock has a market cap of $9.91 billion, a price-to-earnings ratio of 114.38, a P/E/G ratio of 1.95 and a beta of 1.15.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The firm had revenue of $629.69 million for the quarter, compared to analysts’ expectations of $615.33 million. During the same quarter in the prior year, the firm earned $0.63 EPS. Globus Medical’s quarterly revenue was up 115.9% on a year-over-year basis. On average, equities analysts expect that Globus Medical will post 2.82 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other news, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the transaction, the director now owns 16,419 shares of the company’s stock, valued at $1,149,330. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 18.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in Globus Medical during the fourth quarter valued at $95,537,000. Magnetar Financial LLC boosted its holdings in shares of Globus Medical by 198.6% in the 1st quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock valued at $90,613,000 after buying an additional 1,123,540 shares during the period. Vestal Point Capital LP bought a new stake in shares of Globus Medical during the 4th quarter valued at about $42,632,000. Motley Fool Asset Management LLC raised its stake in Globus Medical by 1,263.7% during the first quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock worth $45,496,000 after acquiring an additional 785,970 shares during the period. Finally, Burgundy Asset Management Ltd. lifted its holdings in Globus Medical by 46.1% in the first quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock worth $133,018,000 after acquiring an additional 782,285 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.