Globus Medical (NYSE:GMED) Given “Hold” Rating at Needham & Company LLC

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating restated by Needham & Company LLC in a report issued on Wednesday, Benzinga reports.

GMED has been the subject of a number of other reports. BTIG Research upped their price target on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Royal Bank of Canada raised their price objective on shares of Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Bank of America boosted their target price on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a report on Wednesday. Barclays upped their price target on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Finally, Morgan Stanley raised their price objective 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average target price of $78.00.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $75.59 on Wednesday. The company’s fifty day moving average price is $71.69 and its 200-day moving average price is $68.06. Globus Medical has a one year low of $43.38 and a one year high of $76.13. The firm has a market capitalization of $10.24 billion, a price-to-earnings ratio of 251.97, a PEG ratio of 2.07 and a beta of 1.17.

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, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same period in the previous year, the business posted $0.57 EPS. The business’s quarterly revenue was up 63.1% on a year-over-year basis. As a group, equities research analysts expect that Globus Medical will post 2.84 EPS for the current year.

Insider Buying and Selling at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GMED. Burgundy Asset Management Ltd. boosted its position in shares of Globus Medical by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock worth $172,245,000 after purchasing an additional 35,054 shares during the period. Champlain Investment Partners LLC raised its holdings in Globus Medical by 25.2% during the first 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% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after acquiring an additional 29,200 shares in the last quarter. Geneva Capital Management LLC boosted its stake in shares of Globus Medical by 1.1% in 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 during the period. Finally, AXA S.A. grew its position in shares of Globus Medical by 0.5% during the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after purchasing an additional 7,443 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.