Globus Medical (NYSE:GMED) Price Target Raised to $92.00 at Stifel Nicolaus

Globus Medical (NYSE:GMED) had its price target raised by Stifel Nicolaus from $80.00 to $92.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the medical device company’s stock.

A number of other equities analysts have also issued reports on GMED. Wells Fargo & Company increased their target price on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America increased their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a report on Wednesday. Barclays boosted their target price on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Morgan Stanley upped their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given 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 price target of $87.09.

Globus Medical Trading Down 1.3 %

NYSE GMED opened at $80.88 on Wednesday. Globus Medical has a 52 week low of $43.38 and a 52 week high of $84.87. The stock has a market cap of $10.95 billion, a price-to-earnings ratio of 120.72, a price-to-earnings-growth ratio of 2.19 and a beta of 1.17. The company has a 50-day moving average price of $72.28 and a two-hundred day moving average price of $68.46.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same period in the prior year, the company posted $0.57 EPS. The business’s revenue for the quarter was up 63.1% compared to the same quarter last year. As a group, equities research analysts expect that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated 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 transaction, the director now 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 110,000 shares of company stock worth $8,512,850. Company insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC acquired a new stake in shares of Globus Medical during the 3rd quarter valued at about $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical in the 2nd quarter valued at $33,000. Farther Finance Advisors LLC increased its position in Globus Medical by 230.5% during the third 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 last quarter. GAMMA Investing LLC lifted its position in shares of Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after buying an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Globus Medical during the 2nd quarter valued at about $52,000. 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.