Globus Medical (NYSE:GMED) Price Target Raised to $100.00

Globus Medical (NYSE:GMED) had its price objective hoisted by equities research analysts at Piper Sandler from $80.00 to $100.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the medical device company’s stock. Piper Sandler’s price objective indicates a potential upside of 32.29% from the company’s previous close.

Several other equities analysts have also recently commented on GMED. Morgan Stanley lifted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Barclays lifted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Bank of America raised their price target on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday. Truist Financial raised their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.00.

Globus Medical Stock Up 1.2 %

Globus Medical stock opened at $75.59 on Wednesday. Globus Medical has a 52 week low of $43.38 and a 52 week high of $76.13. The company’s 50 day moving average price is $71.69 and its two-hundred day moving average price is $68.06. The stock has a market cap of $10.24 billion, a P/E ratio of 251.97, a P/E/G ratio of 2.07 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter last year, the firm earned $0.57 EPS. The company’s quarterly revenue was up 63.1% compared to the same quarter last year. On average, equities analysts anticipate that Globus Medical will post 2.84 EPS for the current year.

Insider Activity at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on Friday, September 13th. The shares were 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 of the company’s stock, valued at $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GMED. V Square Quantitative Management LLC purchased a new position in shares of Globus Medical during the 3rd quarter valued at $27,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Globus Medical during the 2nd quarter valued at $33,000. Farther Finance Advisors LLC grew its position in shares of Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Globus Medical during the 2nd quarter valued at $52,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.