Globus Medical, Inc. (NYSE:GMED) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lowered its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 16.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 191,316 shares of the medical device company’s stock after selling 38,507 shares during the quarter. Exchange Traded Concepts LLC owned 0.14% of Globus Medical worth $13,687,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Nisa Investment Advisors LLC lifted its position in shares of Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after purchasing an additional 160 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Globus Medical by 0.4% during the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock worth $3,145,000 after acquiring an additional 183 shares in the last quarter. Radnor Capital Management LLC increased its holdings in shares of Globus Medical by 0.7% in the 1st quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock valued at $1,561,000 after acquiring an additional 215 shares during the last quarter. Central Pacific Bank Trust Division increased its holdings in shares of Globus Medical by 6.2% in the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after acquiring an additional 220 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Globus Medical by 1.5% during the 2nd quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock worth $1,044,000 after acquiring an additional 228 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was 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 $3,017,318.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 18.54% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on GMED shares. Wells Fargo & Company raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $60.00 to $78.00 in a report on Wednesday, August 7th. Truist Financial boosted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada raised their price objective on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Morgan Stanley boosted their target price on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.40.

Globus Medical Price Performance

Shares of Globus Medical stock opened at $70.57 on Friday. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $74.21. The company has a market capitalization of $9.55 billion, a PE ratio of 110.27, a P/E/G ratio of 1.94 and a beta of 1.17. The business has a 50-day moving average of $70.45 and a 200-day moving average of $65.37.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.07. The firm had revenue of $629.69 million for the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm’s quarterly revenue was up 115.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 earnings per share. On average, equities analysts expect that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

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.