Canaccord Genuity Group Issues Positive Forecast for Globus Medical (NYSE:GMED) Stock Price

Globus Medical (NYSE:GMED) had its price target lifted by research analysts at Canaccord Genuity Group from $92.00 to $101.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 13.17% from the company’s current price.

A number of other research analysts have also recently weighed in on GMED. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $80.00 to $97.00 in a research report on Thursday. Truist Financial upped their price target on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. BTIG Research raised their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Piper Sandler increased their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, Stifel Nicolaus lifted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Up 3.1 %

Shares of NYSE:GMED traded up $2.70 during midday trading on Friday, reaching $89.25. The company’s stock had a trading volume of 911,780 shares, compared to its average volume of 942,176. The firm has a 50 day moving average of $82.81 and a 200-day moving average of $75.02. The firm has a market capitalization of $12.15 billion, a P/E ratio of 133.21, a PEG ratio of 1.97 and a beta of 1.19. Globus Medical has a 12-month low of $49.33 and a 12-month high of $89.93.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company’s quarterly revenue was up 63.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.57 earnings per share. On average, research analysts predict that Globus Medical will post 2.97 EPS for the current year.

Insider Activity

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 97,500 shares of company stock worth $7,674,950 over the last 90 days. 18.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Select Equity Group L.P. purchased a new position in Globus Medical during the 2nd quarter worth $91,711,000. Millennium Management LLC lifted its holdings in Globus Medical by 1,171.5% in the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after acquiring an additional 1,256,570 shares during the period. ArrowMark Colorado Holdings LLC purchased a new stake in shares of Globus Medical during the 3rd quarter worth $43,947,000. Lord Abbett & CO. LLC purchased a new position in Globus Medical in the third quarter valued at about $37,948,000. Finally, Parsifal Capital Management LP grew its holdings in shares of Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after acquiring an additional 453,053 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.