BTIG Research Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price target lifted by equities research analysts at BTIG Research from $87.00 to $91.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the medical device company’s stock. BTIG Research’s price objective would suggest a potential upside of 10.41% from the stock’s previous close.

A number of other equities research analysts have also commented on the company. Royal Bank of Canada increased their price target on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Canaccord Genuity Group lifted their price target on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a report on Monday, December 9th. Bank of America increased their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $100.00 target price on shares of Globus Medical in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $92.18.

Globus Medical Stock Down 0.4 %

Shares of GMED opened at $82.42 on Thursday. The company has a 50-day moving average price of $78.58 and a two-hundred day moving average price of $72.66. The stock has a market cap of $11.22 billion, a price-to-earnings ratio of 123.45, a P/E/G ratio of 1.99 and a beta of 1.19. Globus Medical has a 12 month low of $49.14 and a 12 month high of $87.22.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the previous year, the firm earned $0.57 EPS. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. Equities research analysts expect that Globus Medical will post 2.97 EPS for the current fiscal year.

Insider Buying and Selling at Globus Medical

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the business’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 transaction of $4,801,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,500 shares of company stock worth $7,674,950. Insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

A number of large investors have recently made changes to their positions in the company. State Street Corp grew its stake in Globus Medical by 2.3% in the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after acquiring an additional 81,371 shares during the period. Burgundy Asset Management Ltd. grew its position in shares of Globus Medical by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after purchasing an additional 35,054 shares during the period. Geode Capital Management LLC increased its stake in Globus Medical by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after purchasing an additional 21,935 shares in the last quarter. Magnetar Financial LLC raised its holdings in Globus Medical by 1.7% during the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after buying an additional 29,200 shares during the period. Finally, Geneva Capital Management LLC lifted its stake in 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 valued at $114,330,000 after buying an additional 18,117 shares in the last quarter. 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.