Globus Medical (NYSE:GMED) Price Target Raised to $80.00

Globus Medical (NYSE:GMED) had its price objective boosted by Bank of America from $55.00 to $80.00 in a report issued on Wednesday morning,Benzinga reports. Bank of America currently has an underperform rating on the medical device company’s stock.

A number of other research analysts also recently commented on GMED. BTIG Research increased their price objective on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Royal Bank of Canada upped their price target on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $60.00 to $78.00 in a research report on Wednesday, August 7th. Finally, Truist Financial boosted their target price on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.09.

Globus Medical Trading Down 1.3 %

GMED traded down $1.09 during mid-day trading on Wednesday, hitting $80.88. 1,804,199 shares of the stock were exchanged, compared to its average volume of 934,414. The company has a market cap of $10.95 billion, a PE ratio of 120.72, a PEG ratio of 2.19 and a beta of 1.17. The firm’s fifty day moving average is $72.28 and its two-hundred day moving average is $68.46. Globus Medical has a 1-year low of $43.38 and a 1-year high of $84.87.

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, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the previous year, the business posted $0.57 earnings per share. The business’s quarterly revenue was up 63.1% compared to the same quarter last year. As a group, research analysts anticipate that Globus Medical will post 2.97 earnings per share for the current year.

Insider Transactions at Globus Medical

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated 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 directly owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock valued at $8,512,850 in the last 90 days. 18.54% of the stock is currently owned by insiders.

Institutional Trading of Globus Medical

Hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC purchased a new stake in Globus Medical in the third quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical during the 2nd quarter worth $33,000. Farther Finance Advisors LLC raised its position in shares of Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after buying an additional 385 shares during the period. GAMMA Investing LLC boosted its holdings in Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after acquiring an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Globus Medical in the second quarter valued at $52,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.